Sunday 29, June 2008 by

The summer of discontent, part 2

NBK’s latest weekly money market report says the dollar weakened across the board in a week rich in economic figures and the much awaited Federal Reserve meeting. The euro tested the 1.58 mark, sterling breached 1.9900, and the yen went back to a three-week low of 106.13 after hovering around the 108 in that period. The Australian dollar also came back to the 0.96 level, after a brief dip to the 0.93 in mid-June. The Swiss franc also strengthened against the dollar and went as low as 1.01. Oil prices broke the $140 barrier, pushing inflation expectations higher across the globe.

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