| UPDATE 2-Gold off 1-week high ahead of G7 meeting
SINGAPORE, Feb 9 (Reuters) - Gold rose above $660 an ounce on Friday but struggled to hold the gains as dealers turned their attention to a Group of Seven finance ministers' meeting starting later in the day. Spot gold <XAU=> hit its highest since Feb. 1 at $661.30 an ounce on the back of firm crude oil, before slipping to $659.10/659.80 by 0502 GMT. The metal was last quoted at $659.40/660.10 in New York on Thursday, when it gained around 1 percent on a weak dollar and gains in oil prices. A rebounding U.S. dollar capped gains and players were not keen to get exposed to the currency market, which may be choppy ahead of the G7 meeting, said Tobin Gorey, commodities analyst of Commonwealth Bank of Australia in Sydney. "I guess the next chance for it to test is basically around the mid-$670s," he said.
Loonie seen stronger over next 3 months
TORONTO -- The Canadian dollar should rise modestly versus the U.S. dollar over the next three months as economic growth rebounds and still-strong commodity prices keep money flowing to resource-rich Western Canada, a Reuters poll shows. Median forecasts from the monthly survey of 50 foreign exchange strategists show the currency rising to C$1.18 to the U.S. dollar, or 84.75 U.S. cents, a month from now, and climbing to C$1.17, or 85.47 U.S. cents, in three months' time. It was at C$1.1834, or 84.50 U.S. cents, on Wednesday. .
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FOREX-Yen suffers broadly, hits 8-year low vs sterling
TOKYO, Jan 23 (Reuters) - The yen slumped to an eight-year low against the pound on Tuesday and held near a four-year low versus the dollar as investors shunned the low-yielding currency after the Bank of Japan kept rates on hold last week. With Japan's rates already near zero and doubts brewing about whether the BOJ will be able to raise rates in February, the yen kept struggling against higher-yielding rivals. "There's not a lot of factors to trade on this week, so it looks like the focus is going to stay on rate differentials," said Takehiko Jimbo, a foreign exchange manager at Mitsubishi UFJ Trust and Banking. The yen has been clobbered since the BOJ left the overnight call rate at 0.25 percent last Thursday, which raised questions about the influence of government pressure against a move and convinced market players that rates will stay low for a while.
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