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July 11, 2005    

USD falls on long-dollar position liquidations

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by Brian Turner
USD falls on long-dollar position liquidations

The US dollar fell in relation to the euro, the yen, sterling, and the South African rand on Monday.

Analysts said that the weakness in the dollar had to do with the liquidation of some long-dollar positions by short-term speculators and a continuing trend of some Asian central banks to purchase euros.

The dollar was down 0.8 percent to $1.20068 in relation to the euro, lost 0.4 percent against the yen to ¥111.75, declined 1.2 percent to $1.7571 in relation to sterling, and fell 1.5 percent in relation to the South African rand to R6.735.

Sterling seemed to be rising above the repercussions of the London bombings of last week, as it overcame some slightly negative data on core producer prices, which did not move in June, and a UK goods trade deficit of £5 billion in May.

A deficit of only £4.8 billion had been expected.

Sterling gained 0.7 percent to ¥196.29 in relation to the yen and was up 0.4 percent against the euro to £0.6863.

The euro gained 0.4 percent in relation to the yen, to ¥134.81, as it was assisted by diminishing chances that eurozone interest rates will be cut in the near term.

It was also helped by Luxembourg’s approval over the weekend of the European Union Constitution.

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