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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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From: elmatador	10/18/2007 9:30:19 AM
	of 116555

Yen Gets Bid as Zhou moved currency markets today, particularly USDJPY which often acts as a proxy for yuan, after he stated that the Chinese currency will be eventually freely convertible and that he would not rule out raising interest rates in the near future. Mr. Zhou further noted that he had “sympathy for euro currency concerns.” suggesting that he agreed with ECB officials that Asia currencies are now significantly undervalued against the euro. dailyfx.com European employers call on euro nations to push U.S. and Japan to calm exchange rates in the first seven months of the year, the EU's trade deficit with China widened to €86.1 billion (US$122 billion) from €68.9 billion a year ago. Although Europe is exporting more to China — exports grew 15 percent from January to July — it is also importing more, buying 22 percent more from the world's most populous nation. iht.com

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