Dollar Soars To Six-Year Peak On Yen After Fed, Tokyo Stocks Cheer
Published 2014-09-18 06:40:15| Amwal Al Ghad English
Japanese shares jumped on Thursday after the dollar vaulted to a six-year peak on the yen as the Federal Reserve's outlook for rising rates underlined the diverging path between the United states and the rest of the rich world. In other regional share markets, the reception was mixed, with MSCI's index of ex-Japan Asian shares falling to 12-week lows, on the spectre of rising U.S. rates and slower economic growth in China. Still, with the Fed renewing its pledge to keep interest rates near zero for a considerable time, European shares are expected to open firmer. Spreadbetters see both Britain's FTSE .FTSE and France's CAC40 .FCHI rising 0.2 percent.While the Fed maintained language suggesting that rate hikes would not happen for a "considerable time," it also indicated Fed policymakers think it could raise borrowing costs faster than expected when it starts moving. [TOP/CEN]
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Born in 1954 in the coastal city of Balteem in the Delta governorate of Kafr El-Sheikh to a working-class family, Hamdeen Sabahi was the youngest of 11 children.He studied mass communication at Cairo University. A politically-active student, he was elected head of the Cairo University Student Union in 1975 and served as deputy chair of the General Federation of Students from 1975 to 1977. He established the political Nasserist Thought Club to mobilise on Cairo University’s campus in defence of the principles of Gamal Abdel-Nasser's 1952 revolution in a context of later rapprochement efforts with the West by then-president Anwar El-Sadat. As well as being a political activist, Sabahi worked as a journalist. In 1977, following the January popular uprising against Sadat over skyrocketing food prices, Sabahi publicly confronted the president in a televised meeting in which he spoke on behalf of the Cairo University Student Union. As a result, Sabahi was prohibited from working as a journalist in the state media sector for several years. Sabahi’s membership in the Arab Democratic Nasserist Party was suspended in 1994 due to internal conflicts between the party's young cadres – including Sabahi – and the party's old guard of personalities who had been close to late president Nasser.
Gold prices bucked the prevailing downdraft to knock out some relatively sizeable gains on Wednesday, as equity markets showed further signs of weakening. At last check, gold for December delivery GCZ4, +0.47% was up $8.60, or 0.7%, to $1,257.00 an ounce. December silver SIU4, +1.04% jumped 18 cents, or 1%, to $19.02 an ounce. A day earlier, gold lost ground for a second straight session on concerns that the Federal Reserve may get to tightening sooner than many had expected. James Hyerczyk, an analyst at FX Empire, said a squeeze could be on soon. “Because of the prolonged move down ... and the oversold conditions, traders should watch for signs of short-covering,” he said. “The inability to follow through to the downside, an inside move or a trade through $1,258.90 will be signs that a short-term bottom has been reached.” Elsewhere in metals trading, December palladium PAZ4, -0.49% rose $3, or 0.4%, to $863.45 an ounce, while October platinum PLV4, -0.01% tacked on $2.60 to $1,388.80 an ounce. High-grade copper for December delivery HGZ4, -0.06% didn’t move at $3.10 a pound.
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