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The dollar fell for the first time in six days against the currencies of major U.S. trading partners as global stocks pared losses and commodities gained, damping demand for the relative safety of greenback.
The euro rose from the lowest level against the dollar since September before sovereign-debt auctions in Portugal, Spain and Italy on speculation the currency’s biggest weekly drop since August would be hard to sustain.
Canada’s dollar gained, reversing earlier losses, as the rebound in commodity prices overshadowed Europe’s sovereign-debt crisis. Crude oil, Canada’s largest export, rose 1.1%.
The Dollar Index advanced 2.5% last week in its biggest rally since August as reports showed U.S. services industries expanded in December at the fastest pace in four years and employers added jobs for a third month.
The greenback will gain 5% versus the euro and 11% versus the yen, according to Nick Bennenbroek, head strategist at Wells Fargo & Co. and the most accurate currency forecaster in the six quarters ended Dec. 31.
U.S. retail sales climbed 0.8% last month, the same amount as in November, according to the median forecast of economists in a survey before the Commerce Department publishes the figures on Jan. 14.
EUR/USD: the pair bargained within the limits of $1,2870-$ 1,2970.
GBP/USD: on results of the yesterday's tenders the pair has become stronger in area $1,5570.
USD/JPY: on results of the yesterday's tenders the pair has decreased below mark Y83,00.
US data starts at 1245GMT with the weekly ICSC-Goldman Store Sales data. At 1330GMT, Philadelphia Federal Reserve Bank President Charles Plosser is due to deliver a speech on the economic outlook to the RMA
Philadelphia Chapter meeting. US data then continues at 1355GMT with the weekly Redbook Average, while at 1500GMT, the latest IBD/TIPP Economic Optimism Index and Wholesale Inventories data are due. Late US data includes the release of the weekly ABC/Wash Post Consumer Confidence Index.
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