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Pacific currencies appreciation limited

FXstreet.com (Buenos Aires) - Pre Asia opening, New Zealand dollar is falling against dollar, after the RBNZ said early Wednesday that despite economy continues to be hurt by the global financial crisis there's more scope for monetary policy to provide leverage to credit conditions and buttress the economy. Deputy Governor Grant also report that second-round effects of the global disruption will likely persist for some time. NZD/USD quotes at 0.6049 compared to 0.6030 American session close. Resistance levels at 0.6097

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ECB's Stark Says Global Economy in Deepest Slump Since WWII (Update)

Frankfurt - European Central Bank member Jürgen Stark said the world economy is in its deepest slump since the Second World War and said that it is difficult to predict when it will end.The year 2009 will be a very difficult year, Stark said at the fifth German-Luxembourgish Economic Conference in Luxembourg on Monday. Policy makers need to prevent a further deterioration in economic and financial conditions.However, central banks alone cannot solve the crisis, Stark said, adding that

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European markets rise as confidence in Banks return; Euro and Pound, up

FXstreet.com (Barcelona) ? European markets advance at a strong pace on Thursday on the back of Geithner?s affirmations that banks ?stress test? conclusions have been more positive than expected. Euro and Pound have risen on European session.Eurostoxx 50 Index adds 1.75%, while German DAX Index rises 1.71% and the French CAC trades 1.90% above its opening level. In England, London FTSE Index rises 2.25%.On the macroeconomic side, German Factory orders jumped unexpectedly in March; 3.3% up against a 0.5% decline

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Tuesday's News Recap: Geithner Says U.S. Will Protect Banks, IBD TIPP Rebounds

(CEP News) • Bernanke Calls for Regulatory Reforms • U.S. Wholesale Inventories Fall 0.7% • U.S. Economic Optimism ReboundsU.S. Treasury Secretary Says Banks will be Capitalized and Protected U.S. Treasury Secretary Timothy Geithner pledged to protect the United States' top 20 banks on Tuesday, and said some banks are going to need significant capital. Speaking in a PBS interview with Charlie Rose to be aired Tuesday night, he said the government cannot just let the crisis burn itself out, and that it is

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ECB's Mersch Expects Recovery in 2010, Says "Little Margin" for Further Cuts

Frankfurt - European Central Bank Governing Council member Yves Mersch said that projections of a gradual recovery by next year are still valid and that he sees little margin for further rate cuts.Our baseline scenario, which is a profile of a gradual stabilization and thereafter a gradual recovery, appears to be still valid, Mersch said following his presentation of the Central Bank of Luxembourg's financial stability report on Wednesday.In the report, Mersch warned that the effects of the

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Euro down on ECB comments

FXstreet.com (Buenos Aires) - With dollar up on risk aversion, triggered by fears of a pandemic swine flu (with 150 cases in Mexico, 40 in the U.S., and some cases in the U.K, Spain, and New Zealand), Euro was the bigger loser today, falling as far as 1.3000. The hegemonic currency fell also after ECB Council member Ewald Nowotny said euro zone rates will stay low for a long time and the ECB is ready to use quantitative easing measures

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ECB's Ordonez Says Euro Providing "Immense Benefits" to Euro Zone Members

Frankfurt - The euro is providing immense benefits to the members of the monetary union, shielding them from the effects of the current financial crisis, European Central Bank Governing Council member Miguel Angel Fernandez Ordonez said on Friday.Speaking at a conference in Madrid, Spain, the central banker warned that nationally-focused crisis solutions are doomed to fail and called for a higher level of European integration as a way to help boost economies out of their current slump.Responses based

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ECB's Bini Smaghi Says Mistrust in Banks Could Affect Confidence in States

(CEP News) Frankfurt - European Central Bank Executive Board member Lorenzo Bini Smaghi warned that the lack of confidence in banks could spill over and effect sentiment towards governments.

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Yen Falls to 10-Week Low After Consumer Finance Company Files for Bankruptcy

The yen was the worst performing major currency on Monday after Japanese consumer finance company SFCG Co. filed for creditor protection in the nation's largest bankruptcy in nearly seven years.The yen fell to its lowest level since Dec. 1, 2008 against the U.S. dollar shortly after the announcement. Most recently, the U.S. dollar was trading up 1.27 to 94.61 yen.The declines in the yen come despite a slump in global equity markets. Throughout the credit crunch, the

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