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1st Quarter GDP is slightly up but the numbers are still dismal. The Fed will soon be making an announcement on interest rates that could significantly determine the strength of the dollar, and labor reports out of Chicago are bad signs for the US’s Quarter 2 economic outlook.

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In the forex market, how is the closing price of a currency pair determined?

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LONDON -(Dow Jones)- Foreign exchange hedge funds posted an aggregate gain of 1.17% in March, with a John W. Henry fund leading the pack with a 14% return, the latest reading of the Parker FX Index, released Tuesday, showed.

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Once you take into account the forex needs for four months of imports, NRI deposits, short term debt and FII flows, India’s forex reserves of $300 billion don’t look so large.

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MUMBAI, April 29 - Alok Industries Ltd said profit fell nearly 32 percent in the Jan-March quarter despite higher sales, because the textiles firm had earned 350 million rupees in the year-ago quarter from forex gains.

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Normally, the release of US Non-farm Payrolls takes center stage in the forex markets, as the figure tends to spark significant volatility and can shape interest rate expectations for the Federal Reserve.

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NEW YORK, April 30 - The dollar fell against the euro on Wednesday after the Federal Reserve cut interest rates as expected, but did not convincingly signal a pause in its easing campaign aimed at propping up an ailing economy.

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For today, in contracts.

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The move comes even as Bank of India on Wednesday said its corporate clients will suffer mark-to-market losses of around Rs 125 crore. It has 34 clients with 74 derivative transactions. Last week, State Bank of India said its clients may incur MTM losses of up to Rs 700 crore at the end of March 2008.

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The finance ministry has asked public sector banks to disclose their exposure to forex derivatives and structured products. The move comes even as Bank of India today said its corporate clients will suffer mark-to-market (MTM) losses of around Rs 125 crore.

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