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Dollar Gains on Iran Accord of Nuclear Arms Reduction, Yen Fell to 101.90

Posted by Chris Advincula on Nov 25, 2013 7:24:00 AM

The Japanese Yen fell against the major currency pairs and the dollar rose to a new four-year high to 101.90 as investors increased short yen positions. The dollar rose sharply to 101.80 from 101.15 in the prior Asian session prompted by the news that U.S. Secretary of State John Kerry and officials from Britain, China, France, Germany and Russia reached an accord with Iran to curtail their nuclear program, after five days of negotiation in Geneva.

Partial or limited sanctions on Iran will be lifted on Iran’s oil exports, auto parts, gold and precious metals. The deal, a decade in the making, would be finally done. However, the talks are far from over. Euro-Yen rose to 137.97 from 137.00. Nikkei rallied by 237.41 points (+1.54%). Brent Oil for Jan 14 delivery fell 1.61% to 109.26 per barrel. US. S&P futures rose to 1810.50 from 1794.00 (+0.90%).

Support:   101.14 -Tokyo Low, 100.96- Low Nov 22, 100.62 - Low Sept 11

Resistance: 102.00 – Psychological Resistance, 102.52 – High May 29, 03.00 -  Psychological


Chris Advincula




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