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Sterling stays close to six-year-highs after robust UK data LONDON: Sterling stayed within touching distance of six-year-highs against the dollar on Friday after data indicated the UK recovery is gathering steam, keeping alive expectations of a rate hike this year.The data showed the fastest expansion in UK business investment in two years in the first quarter, while gross domestic product (GDP) grew at 3 percent on an annualised basis, in line with expectations and the strongest since 2007. Sterling was broadly flat, trading at $1.7029 against the dollar and on track for its fourth straight week of gains. The euro was flat at 79.98 pence. Earlier, Bank of England Governor Mark Carney warned that the economy was still vulnerable and that interest rates were unlikely to return to levels of around 5 percent seen as normal before the financial crisis. Instead, lower rates around 2.5 percent would become the "new normal". But that did little to curb the expectation ...

Dollar falls for second week, Swedish crown weakens LONDON: The dollar looked set for a second week of losses on Friday, after poor US economic data left investors with no reason to expect interest rates will rise anytime soon. In Europe, German inflation data are also expected to signal a prolonged period of easy monetary policy, although that prospect has done little to curb the euro's strength so far in 2014.The Swedish crown fell almost half a percent after a poor batch of ...
Currencies retreat on dovish signals from central banks BUDAPEST: The zloty gave up gains and the forint's losses deepened on Thursday as rising rate cut expectations overshadowed a victory for Poland's prime minister in a parliamentary confidence vote.The Czech crown also weakened after the central bank suggested it may stick to its weak crown policy for longer.Shares in Bulgaria's third biggest bank fell 18 percent after a ruling party lawmaker suggested another bank could be in trouble after a run on No.4 lender ...
Sterling, housebuilding shares rally after BoE caps some home loans LONDON: Sterling climbed towards recent six-year-highs against the dollar and housebuilding stocks rose on Thursday after Bank of England measures to cool Britain's housing market left interest rate expectations unchanged.The BoE's risk watchdog, the Financial Policy Committee (FPC), sought to put the brakes on a housing market that many fear is overheating by toughening mortgage affordability tests and announcing a cap on home loans.But the measures, announced in the FPC's twice-yearly financial stability report, were ...
Pound rallies, dollar nurses losses caused by US GDP revision LONDON: Sterling rallied against the dollar on Thursday after new measures to cool the UK housing market failed to dampen rate rise expectations and a downward revision to U.S. GDP continued to weigh on the greenback.The Bank of England tightened lending norms to the housing sector but its measures were less aggressive than many in the market had anticipated. That kept expectations for an interest rate rise as soon as by the end of this ...
Sterling weakens as investors fret over Carney's message, yen firm LONDON: Sterling stayed under pressure for a second day on Wednesday, as investors cut favourable bets on the currency after Bank of England governor cooled expectations of an interest rate hike later this year.The euro was the main beneficiary of the pound's losses. The single currency also made gains against growth-linked and less-liquid currencies like the Australian dollar amid geopolitical concerns in the Middle East, which have knocked down shares. The situation in Iraq was ...
Sterling hurt by debate over Carney's ‘flip-flap’ LONDON: Sterling inched lower on Wednesday, adding to its biggest fall against the euro in more than a month after the latest salvo from Bank of England policymakers left investors increasingly confused over the outlook for interest rates. With Britain's economy steadily improving, the game on the pound for the past few months has been a to and fro on expectations for when the bank will deliver a first, potentially small and precautionary, rise in ...


Index Closing Chg%
Arrow DJIA 16,960.57 0.72
Arrow Nasdaq 4,449.56 0.50
Arrow S&P 1,978.34 0.48
Arrow FTSE 6,791.55 0.44
Arrow DAX 9,644.01 1.53
Arrow CAC-40 4,330.55 1.82
Arrow Nikkei 15,457.87 1.13
Arrow H.Seng 24,216.01 0.31
Arrow Sensex 26,126.75 0.55

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Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
Trade Balance $-1.558 bln
Exports $2.117 bln
Imports $3.675 bln
WeeklyJuly 10, 2014
Reserves $14.638 bln