gnutrade.satya
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| Dollar fell as the stocks rallied |
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The currency market saw dollar fall as stocks rallied on hope of global economic recovery creating more demand for the US currency. Michael Woolfolk, senior currency strategist in New York at Bank of New York Mellon Corp., said: "We’ve seen the resumption of the negative correlation of equity markets and the US dollar. Investors feel very comfortable going long risky securities, and when you do that you’re encouraging dollar weakness.”
The dollar lost 0.2% against the euro to $1.441 and dipped 0.5% to 92.53 yen. Sterling was down 0.7% at $1.609.
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