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US Markets at Wall Street went down and The Japanese equities rose

Oil fell as gains in the dollar and the weaker stock market offset strong Chinese demand data.Pressure came from a rising dollar, although analysts noted that the greenback’s impact on oil had somewhat ebbed in recent days as oil investors shifted their focus to tightening fundamentals.Gene McGillian, analyst at Tradition Energy in Stamford, Connecticut said: “The market is starting to stall after a run-up in the past couple of weeks. There are renewed concerns about euro-zone debt and worries that the US fundamental picture may still be out of line to support a surge to $90.” Oil for December delivery settled unchanged at $87.81 .
The Euro edged down on concerns about Ireland’s ability to repay its debt while earnings fears knocked US stocks lower when a technology bellwether Cisco Systems gave a dismal outlook.The greenback was supported by a US think tank report saying that the Federal Reserve might scale back its latest plan to buy government bonds.
The Euro was seen down against the yen and hit a seven-week low against sterling too.The euro fell as low as $1.3637. The dollar strengthened against major currencies, up 0.64 percent. Against the Japanese yen, the dollar was up 0.3 percent at 82.51 yen.
Gold prices were seen on a bright note as escalating concerns over debt in some euro zone economies prompted investors to buy both the metal and greenback as safe havens. Gold benefited as doubts about Ireland’s ability to repay its debts spread.Gold tends to fall when the dollar rises, as this erodes the metal’s appeal as an alternative investment, but in times of extreme risk aversion both assets can benefit.Donald Selkin, chief market strategist at National Securities Corp said: “Gold is resuming its role as a safe haven in times of crisis as the

B Satya Kishore

http://www.gnutrade.com

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