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Overall signs of improvement in the US economy suggest Fed officials will stay on track to cut monthly purchases of Treasuries and mortgage-backed securities by USD 5 billion each, bringing the total of their monthly asset purchases to USD 65 billion.
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China, holder of the world's largest foreign exchange reserves, will contribute the lion's share of the currency pool. But it will be much smaller than the USD 240 billion originally envisaged.
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Officials from Brazil, China, India, Russia and South Africa agreed in early August that the bank's capital should come from three payment categories, including subscriptions, Storchak told journalists in remarks for publication on Monday.
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The recent currency crisis seen in India has made foreign travel highly expensive and beyond the means of the urban middle class. Hence, most are ending up planning domestic vacations.
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There is growing fear among gold investors that the scaling back of US monetary stimulus will spark a surge in borrowing costs, making gold - which pays no dividend or interest - particularly sensitive to rising interest rates
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Contrary to widespread belief, a scaling back of the Federal Reserve`s massive monetary stimulus would not be a big risk event for China, economists say.
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Investors avoided taking big positions ahead of key economic data this week including US payroll numbers and manufacturing from China, the world's second largest oil consumer. Brent crude futures had slipped 5 cents to $107.40 a barrel by 0453 GMT, after falling 0.8 percent last week.
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Russia, the first big emerging nation to host the annual presidency of the G20, finds itself in an awkward political spot following the flight of former US spy agency contractor Edward Snowden to Moscow.
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Bullion lost nearly a quarter of its value this year on concerns the US Federal Reserve's monthly bond purchases will be pared soon. But gold is now headed for biggest weekly gain in nearly 2 years on easing fears of an early end to US monetary stimulus.
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The rupee will be a key determinant for stock markets says Deutsche Bank. It has cut the BSE Sensex's target to 21,000 from 22,500, citing faster-than-anticipated tapering down of US monetary stimulus, India's high short-term external financing needs and fears over a China slowdown.
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Traders worry an end to the US monetary stimulus and a weakening rupee could lead to portfolio outflows, which will delay further rate cuts by the central bank.
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The Fed concludes a two-day meeting on Wednesday and is expected to calm market jitters about when it will start to unwind its USD 85 billion worth of monthly bond purchases to aid a recovery in the US economy.
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The rupee fell below the key psychological level of 56 to the dollar on Thursday, its lowest level in over 8-1/2 months, as the dollar rallied on worries about a potentially early end to US monetary stimulus.
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Asian shares and commodities recovered on Wednesday as a sharp sell-off over the past two sessions lured bargain hunters, with sentiment bolstered by positive American corporate earnings and data supporting the case for ongoing US monetary stimulus.
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Mohamed El-Erian, co-chief investment officer of Pimco, on Thursday put low odds on a third round of US monetary stimulus unless there is a "major further deterioration" in the US economic outlook.
