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- The Dollar weakened against European currencies on Tuesday as robust Euro-zone data and Central Bank comments signalled interest rates will continue to rise in Europe. ECB officials remarks indicated that they need to lift rates from the current 3.5% and stronger than expected Industrial Orders boosted the Euro. EurUsd was up 0.56% at 1.3021 and EurJpy jumped 0.6% to 158.46 as investors are looking for higher yielding and continued to sell the Yen in growing carry-trades. GbpUsd was up 0.27% at 1.9821 after hitting a 14-year peak at 1.9916. Comments by Bank of Japan governor Toshihiko Fukui pushed the Dollar higher against the Yen. Fukui told in an interview that higher rates could ultimately benefit the Japanese economy but didn’t remove uncertainty about whether the Central Bank would raise rates in February. UsdJpy was slightly up at 121.70, near a 4-year high 121.88, rebounding from an intraday low 121.12. GbpJpy climbed to 241.51 record high since September 1992. Dealers said the move in GbpJpy helped the GbpUsd to rise to a 14-year peak. Analysts said British interest rates seem more likely to rise; as expectations for further tightening again increased after remarks by BoE Governor King saying risks to UK inflation and growth have shifted to the upside.
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