IBT Staff Reporter

The dollar was on the defensive on Monday as investors sought to cut long positions built in favour of the greenback, while the euro held gains as the focus shifted to the sustainability of a U.S. recovery from the euro zone debt woes.

The yuan CNY=CFXS weakened against the dollar on Monday and traded below the People's Bank of China's mid-point as banks and their clients were cautiously balancing dollar positions in anticipation of only limited yuan appreciation after the G20 summit.

Gold prices continued its northern journey in Asian trade Monday as uncertainty over global economic situation boosted its safe haven appeal. Gold for immediate delivery was seen trading at $ 1256.84 an ounce at 11.30 a.m Singapore time while U.S. gold futures for August delivery was at $1,258.00 an ounce.

India's inflation is set to zoom with the announcement by the Manmohan Singh government on the freeing up of petrol and diesel prices. The announcement has raised hopes of a further decontrol of the oil sector over the next few years, which could help balance public finances and let private companies challenge state-run firms' decades-old retailing monopoly.

Oil touched its highest price in almost eight weeks on Monday, trading near $79 as tropical storm Alex forced Mexico to slow oil exports and some offshore U.S. producers to evacuate platforms and curb output. Japan's Nikkei average fell 0.45 percent on Monday, with the dollar little changed against a basket of currencies, despite an upbeat sign for the macroeconomic outlook on Friday from U.S. consumer sentiment, which rose in June to its highest since January 2008.

The G20 has agreed to give banks more time to adopt tougher global rules in a concession that the body tasked with coordinating reforms said would both safeguard the recovery and ultimately lead to stronger banks.

Opposition Leader Tony Abbot commented last Sunday that Julia Gillard have managed to waste $8 billion on school halls during her days as deputy prime minister and will not be any different as she takes on her new role as new Prime Minister.

Gluey gobs of thick oil from BP Plc's Gulf of Mexico spill washed ashore in Mississippi for the first time on Sunday as Russia called for a special levy on oil companies to finance a fund to help clean up environmental disasters like this one.

The Hospitality Training Association (HTA) has requested to all levels of government to address the nation's international education export industry.

An anti-breast feeding article released yesterday by a parenting magazine has caused fury by the Press Complaints Commission.

Group of 20 leaders pledged on Sunday to push for agreement on greater voting power for emerging economic powers in the International Monetary Fund by the next summit in Seoul, South Korea, in early November.

Startup website Foursquare, a location-based services company, is close to getting new funding that would allow it to expand, The Wall Street Journal reported on Sunday.

Air China said late on Friday that it would buy 20 Boeing 777-800 airplanes for $1.4 billion.

Several bicyclists were left disappointed when the new pedestrian path on the new Sir Leo Hielscher Bridge, which was opened yesterday, had a speeding limit.

Experts say that more funds should be spent in mental health issues or else a nine-month government inquiry into suicide prevention is put to waste.

The head of the International Monetary Fund, Dominique Strauss-Kahn, said on Sunday the G20 nations' target to halve their deficits by 2013 was not as important as the measures they implement to reduce debt.

Stock investors will anxiously await the crucial June jobs data this week for clues on how the U.S. economy may weather recent storms that drove Wall Street's major indexes down for the year.

Gluey gobs of thick oil from BP Plc's Gulf of Mexico spill washed ashore in Mississippi for the first time on Sunday as Russia called for a special levy on oil companies to finance a fund to help clean up environmental disasters like this one.

A residential program that would provide special educational support for children in rural and remote areas in New South Wales has been granted a reprieve.

Premier Anna Bligh said that Queensland Health workers should not be worried if their tax payment summaries are incorrect.

A survey shows that almost 990 children were admitted to hospital for the past three years for burn treatments. Most were treated for surgery and skin grafts.

Deficit pledges made by Group of 20 leaders on Sunday won't provide a big boost for financial markets, with uncertainty about the strength of global economic recovery still the larger concern for investors.

he Australian Dollar dealt above 0.8700 on Friday night as equity markets traded in a wide range.

Giving banks more time to comply with tougher global capital rules would avoid diluting the new standards, the Financial Stability Board said on Sunday.

Patients at the two Sydney Children's hospitals will receive new beds as part of the $11.5 million fund for health and hospital reforms by the State and Federal Government to boost health services for children across New South Wales.

World leaders ditched plans to welcome Beijing's shift toward greater exchange rate flexibility at a G20 summit in Toronto on Sunday, highlighting China's sensitivity over the issue.

World leaders agreed on Sunday to take different paths for cutting budget deficits and making their banking systems safer, a reflection of the uneven and fragile economic recovery in many countries.

The coalition said it would provide ambulance services in Victoria if it wins at the November state election.

Daily forex forecast 28/6/2010