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« Shocking Charts Show Silver Set For A Staggering $70 Surge | Main | The Dollar Cannot Be Devalued and Suicidal Bankers »
Thursday
Apr032014

Euro falls on ECB comments; global stocks dip after U.S. data

(Reuters) - The euro fell on Thursday after the European Central Bank pledged to use unconventional measures if needed to battle low inflation, and a global gauge of stocksdipped after touching a six-year high.

Brent crude rallied more than 1 percent, bouncing from a five-month low, on doubts that a standoff in Libyan ports will be resolved soon.

The ECB, as expected, kept its main interest rate at a record low of 0.25 percent and the rate for bank deposits at central banks at zero, but comments from its president, Mario Draghi, weighed on the single currency.

Draghi told a news conference that he and his colleagues expected a period of low inflation, and that action would be taken if it dragged on too long.

"The ECB is being slightly more dovish than the market expected," said Kathy Lien, managing director at BK Asset Management in New York. "The main takeaway is that the council is considering unusual techniques, and that's negative for euro/dollar."

U.S. data was mixed, with the services sector showing growth, while some employment components flashed weakness. The number of Americans filing new claims for unemployment benefits rose more than expected last week.

Friday's release of the government's nonfarm payrolls report for March is expected to show 200,000 jobs were created last month. If the estimate is met, it would be the highest gain since November.


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The miners have started 2014 very well indeed on the back of rising gold prices, so the question is; is this the real deal or another head fake? Is the bottom really in? Could there be a final capitulation just ahead of us? Will the summer doldrums take the PMs lower?

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