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Speculators increased their net long US dollar position in the latest week to its largest in six years, data from the Commodity Futures Trading Commission showed on Friday. The value of the dollar's net long position surged to $46.45 billion in the week ended November 18 from $43.99 billion the previous week. That was the largest net long position on the greenback since 2008, when Reuters started computing dollar positioning.

The euro fell sharply on Friday after European Central Bank chief Mario Draghi said inflation expectations were declining to levels that were very low, keeping the door open for further monetary easing soon. The euro fell 1.19 percent to $1.2389 and dropped 1.58 percent against the Japanese yen to 145.89 yen. "His comments have hit the euro hard," said Niels Christensen, FX strategist at Nordea, adding that euro zone inflation data next week would be a crucial influence on the ECB's thinking.
Goldman Sachs has raised its forecast for the dollar/yen currency pair at the end of 2015 by 10 yen to 130, the investment bank said on Friday, in a week that has seen Japan slip into recession and a snap election called. The yen has fallen over 10 percent in the past month and skidded to a seven-year low against the dollar at 118.98 this week after Japan postponed a planned hike in sales tax and braced itself for more policies to combat stubbornly low inflation.
Currency speculators are still betting that a three-year old Swiss franc currency cap will be breached, despite polls showing that a vote to require the Swiss National Bank to load up on gold will fail. That is because even if the November 30 gold initiative is voted down, the risk that the European Central Bank could resort to asset purchases and drive the euro lower is still giving speculators courage to put on bets favouring a stronger franc.
Investors built up the largest short positions in the South Korean won since the 2008 global financial crisis in the last two weeks as sentiment towards most emerging Asian currencies soured as the yen hit multi-year lows, a Reuters poll showed. Long positions on China's yuan, however, rose slightly on expectations of inflows thanks to a new link between the Hong Kong and Shanghai stock exchanges.
China's Industrial and Commercial Bank (ICBC) signed a pact with the Los Angeles city government to promote cross-border yuan trade and set up an offshore renminbi centre in California, the bank said on Saturday. The move to create an offshore RMB centre in the largest state in the United States would lay the foundations for greater yuan trade with China, ICBC said in a statement.
The Bank of England has opened a formal investigation into the possible manipulation of money-market auctions held at the start of the financial crisis and whether its officials were involved, the Financial Times reported on Saturday. The months-old probe is being conducted by the lawyer who led the Bank''s investigation into the rigging of forex markets, Anthony Grabiner, and he has so far interviewed about ten Bank staff, the business daily said.
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Index Closing Chg%
Arrow DJIA 17,810.06 0.51
Arrow Nasdaq 4,712.97 0.24
Arrow S&P 2,063.50 0.52
Arrow FTSE 6,750.76 1.08
Arrow DAX 9,732.55 2.62
Arrow CAC-40 4,347.23 2.67
Arrow Nikkei 17,357.51 0.33
Arrow H.Seng 23,437.12 0.37
Arrow Sensex 28,334.63 0.95

Banking Review 2013

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.380 bln
Exports $2.181 bln
Imports $4.561 bln
WeeklyNovember 13, 2014
Reserves $13.268 bln