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Dollar falls on strong Intel results, Fed minutes
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12:18, July 16, 2009

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The dollar fell against most major currencies on Wednesday as U.S. stocks jumped on a strong profit report from Intel.

The world's largest chipmaker reported late on Tuesday that it lost 398 million dollars in the second quarter. Excluding a heavy antitrust fine imposed by the European Commission, Intel earned about 1 billion dollars. Its revenue was 8 billion dollars in the quarter, lower than a year earlier,but higher than expected.

Intel issued an upbeat forecast for the third quarter, referring to stronger-than-expected demand for personal computers. Investors took it as a good sign for consumer spending.

The minutes of U.S. Federal Reserve's June monetary policy meeting released on Wednesday also boosted risk appetite in currency trading. The minutes showed that the central bank was still worrying about the labor market, but it was more positive about the overall economy. The Fed revised up its outlook for growth in the second half of 2009 and in 2010.

U.S. industrial production fell by 0.4 percent in June to a 12-year low, according to a report of the Fed. The operating rate for total industry fell to a record low of 68.0 percent. But June's decline in industrial production was the smallest in eight months, and it was smaller than expected.

The euro bought 1.4127 dollars in late New York trading compared with 1.3936 dollars it bought late Tuesday. The pound rose to 1.6423 dollars from 1.6280 dollars. The dollar fell to 1.1126 Canadian dollars from 1.1360 Canadian dollars, and fell to 1.0733 Swiss francs from 1.0914 Swiss francs. It rose to 94.39 Japanese yen from 93.28 Japanese yen.

Source:Xinhua



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