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Thursday, October 14, 2010

Asia Shares Rise on Metals

In today's market report... the U.S. dollar tumbled against a basket of currencies. There's a growing expectation among traders that the value of the dollar will continue to drop and metals prices will soar.

Today, the U.S. dollar hit a 28-year low against the Australian dollar and continued to struggle against the euro and yen.

The Australian dollar gained on its high yield and link to commodities like copper and gold.

Separately, Singapore's central bank said it would slightly increase the trading band for the city-state's currency. The Singapore dollar hit a record high, while the dollar stood at its lowest level against the six major currencies in 10 months.

Even with the dollar's tumble, Asian share markets rose, led by resource stocks.

Japan's Mitsui Mining gained as gold hit a new record high and copper hit a 27-month peak, while Australian mining giants Rio Tinto and BHP Billiton rose.


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