Reuters: Most Read Articles: Report on easy Fed line leaves dollar at 5-week low, lifts gold

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Report on easy Fed line leaves dollar at 5-week low, lifts gold Jul 26th 2013, 08:23 Tweet Share this Email Print Related News Dollar on the defensive after setback; NZD in vogue Thu, Jul 25 2013 Nasdaq likes Facebook's surge, but earnings curb Dow, S&P Thu, Jul 25 2013 World stocks rise on China economic signal, dollar falls Tue, Jul 23 2013 Global stocks near five-year high, yen gains on Japan elections Mon, Jul 22 2013 Yen rises ahead of Japan vote Fri, Jul 19 2013 Analysis & Opinion Loose lips sink ships? Fed's latest transparency sows confusion, says Mizuho’s Ricchiuto 1 of 10. An employee of the Tokyo Stock Exchange (TSE) works at the bourse in Tokyo June 13, 2013. Credit: Reuters/Toru Hanai By Marc Jones LONDON | Fri Jul 26, 2013 6:01am EDT LONDON (Reuters) - The dollar held at a five-week low and gold headed for its best month in over 1-1/2 years on Friday, after a report that the U.S. Federal Reserve will next week underline its intention to keep interest rates low for a long time. Setting the dollar on its slippery slope was a Wall Street Journal report that the Fed may debate tweaking its forward guidance message to hammer home its message that it will not be raising rates any time soon. Against a basket of currencies .DXY the greenback was down 0.3 percent at 81.697 with the softness also adding to the upward pressure on the euro, which was at a five-week high following better economic data this week. A flurry of merger activity helped lift Europe's broad FTSEurofirst 300 .FTEU3 share index 0.2 percent as the region's markets opened, while Europe's debt markets saw a largely quiet start to the day. A 3 percent drop in Tokyo's Nikkei .N225 in Asia, however, left world stocks .MIWO00000PUS flat overall, capping a slow end to what has otherwise been their strongest month in almost two years. With both the Fed and the European Central Bank meeting next week, plus some significant political events in Europe, BNP Paribas economist Ken Wattret said investors were likely to remain cautious. "You look at the equity markets and the data in the U.S. and Europe has been good yet we are flat, so that probably tells you that we have had a good run and there is a bit of a pause going on," he said. "And next week we have a lot going on so the market is in a bit of a wait-and-see mode." Talk of the Fed reiterating its supportive stance next week also buoyed gold, seen by investors as a good hedge against potential inflation. Spot gold edged up to $1,334.6 an ounce to add to the 10 jump it has seen this month, is its best run since January 2012. <GOL/> (Reporting by Marc Jones; Editing by Hugh Lawson) Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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