MARKET HEADLINES Yuan closes up as dollar rally pauses, tight rangesspook tradersThe yuan closed up on Tuesday as the dollar index took a breather,with the spot market moving immediately to the strongest possiblerate and holding there. The Peoples Bank of China set the officialmidpoint at 6.2035 on Tuesday morning, slightly stronger thanMondays fix but still shy of the record high it set last Thursday.The spot yuan stuck to its familiar trading pattern of recent weeks andimmediately moved toward the strongest permissable rate, closing at6.1428 per dollar, 0.98 percent away from the fix. The exchange rateis allowed to rise or sink by 1 percent from the official midpoint in agiven day. Sterling falls versus euro, focus on WednesdaysBoE reportSterling fell to a near three-week low against a firmer euro on Tuesday,with investors wary before Wednesdays Bank of England InflationReport.Strong German ZEW sentiment data at 0900 GMT could temperspeculation more euro zone rate cuts could follow, including thepossibility of a negative deposit rate.The euro was up 0.2 percent at 84.98 pence, having earlier hit85.045 pence, its strongest since April 25, as investors took profit onits recent falls and on expectations German investor morale couldnudge higher. Rupee rises against dollar after April WPI dataThe rupee rose to 54.59/60 from its close of 54.73/74 on Mondayafter April wholesale price inflation eased more than expected.Headline inflation slowed for a third straight month in April to 4.89per cent, sharply below a median estimate of 5.5 per cent in a Reuterspoll and a level seen comfortable for the Reserve Bank of India topersist with monetary easing to revive a flagging economy.
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