Forex - Dollar gains versus yen on jobs report, slips versus euro

Investing.com - The dollar rose against the yen after markets applauded a better-than-expected U.S. November jobs report, though profit taking wiped out gains against the euro and other currencies on Friday.

In U.S. trading on Friday, EUR/USD was up 0.19% at 1.3692.

The dollar advanced earlier after the Department of Labor said the U.S. economy added 203,000 jobs in November, beating expectations for a 180,000 increase and up from a downwardly revised 200,000 rise the previous month.

In the private sector, 196,000 jobs were added last month compared to expectations for a 180,000 rise, after an increase of 214,000 in October.

The report also said the U.S. unemployment rate fell to 7.0% in November, from 7.3% in October, beating expectations for a downtick to 7.2%.

Also on Friday, the preliminary Thomson Reuters/University of Michigan consumer sentiment index increased to 82.5 in December from 75.1 the previous month, far surpassing expectations for a 76.0 reading.

The data kept expectations firmly in place that the Federal Reserve will begin scaling back its USD85 billion in monthly bond purchases, which weaken the dollar to spur recovery, however. profit taking sent the greenback falling, as a strong jobs report was already priced into trading prior to Friday.

The euro and other higher-yielding currencies continued to see support on the European Central Bank's decision this week to forgo implementing negative interest rates, which many investors were expecting.

The greenback was down against the pound, with GBP/USD up 0.03% at 1.6341.

Industry data showed that house price inflation in the U.K. rose 1.1% in November from October, beating expectations for a 0.6% increase, after an upwardly revised 1.3% rise the previous month.

On year, house price inflation rose 7.7% in November, beating market calls for a 7.2% reading.

The dollar was up against the yen, with USD/JPY up 1.14% at 102.96, and down against the Swiss franc, with USD/CHF down 0.42% at 0.8929.
In Canada, official data showed that the economy added 21,600 jobs last month, blowing past expectations for a 12,000 rise, after an increase of 13,200 in October.

Canada's unemployment rate remained unchanged at 6.9% in November, compared to expectations for a rise to 7.0%.

The dollar was mixed against its cousins in Canada, Australia and New Zealand, with USD/CAD up 0.05% at 1.0660, AUD/USD up 0.40% at 0.9098 and NZD/USD trading up 0.80% at 0.8286.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.07% at 80.34.

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U.S. stocks gain on solid jobs, sentiment data; Dow rises 1.26%

Investing.com - U.S. stocks shot up on Friday after the November jobs report and a widely watched gauge of consumer sentiment beat expectations and fueled hopes for a more robust economic recovery around the corner.

At the close of U.S. trading, the Dow Jones Industrial Average rose 1.26%, the S&P 500 index rose 1.12%, while the Nasdaq Composite index rose 0.73%.

The Department of Labor reported earlier that the U.S. economy added 203,000 jobs in November, beating expectations for a 180,000 increase and up from a downwardly revised 200,000 rise the previous month.

In the private sector, 196,000 jobs were added last month compared to expectations for a 180,000 rise, after an increase of 214,000 in October.

The report also said the U.S. unemployment rate fell to 7.0% in November, from 7.3% in October, beating expectations for a downtick to 7.2%.

Also on Friday, the preliminary Thomson Reuters/University of Michigan consumer sentiment index increased to 82.5 in December from 75.1 the previous month, far surpassing expectations for a 76.0 reading.

Stocks also rose on sentiment that despite the improving data, the Federal Reserve won't begin to taper stimulus tools such as monthly bond purchases in December but will likely wait until early 2014.

Stimulus tools such as the Fed's USD85 billion in monthly bond purchases drive down interest rates to spur recovery, boosting stock prices in the process, though talk of their dismantling can dampen stock prices by fanning uncertainty as to how equities will perform without a monetary crutch.

Leading Dow Jones Industrial Average performers included Intel, up 2.25%, Procter & Gamble, up 2.22%, and DuPont, up 2.04%.

The Dow Jones Industrial Average's worst performers included Visa, which was up 0.04%, JPMorgan Chase, up 0.41%, and Wal-Mart Stores, up 0.64%.

European indices, meanwhile, finished higher.

After the close of European trade, the EURO STOXX 50 rose 0.97%, France's CAC 40 rose 0.72%, while Germany's DAX 30 rose 0.96%. Meanwhile, in the U.K. the FTSE 100 finished up 0.83%.

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Forex - GBP/USD falls on advancing U.S. growth, jobless claims reports

Investing.com - Surprisingly strong U.S. gross domestic product and weekly jobless claims reports sent the dollar firming against the pound on Thursday, a day before the release of the eagerly awaited monthly U.S. jobs report.

The U.S. data kept hopes going for Federal Reserve to begin tapering its dollar-weakening monetary stimulus programs in early 2014.

Stimulus tools such as the Fed's USD85 billion in monthly bond purchases aim to drive recovery by pushing down long-term interest rates, weakening the dollar as long as they remain in effect.

In U.S. trading on Thursday, GBP/USD was trading at 1.6327, down 0.34%, up from a session low of 1.6301 and off from a high of 1.6404.

Cable was likely to find support at 1.6134, the low from Nov. 25, and resistance at 1.6404, the earlier high.

The U.S. economy increased by a seasonally adjusted annual rate of 3.6% in the three months to September, well above expectations for 3.0% growth and up from a preliminary estimate of 2.8%, according to Commerce Department data released earlier.

Separately, the U.S. Department of Labor said the number of individuals filing for initial jobless benefits last week fell by 23,000 to a seasonally adjusted 298,000 from 321,000 in the previous week, whose figure was revised up from 316,000.

Analysts had expected initial jobless claims to rise to 325,000 last week.

Government data also showed that U.S. factory orders fell 0.9% in October, less than the expected 1% decline after an upwardly revised 1.8% increase the previous month.

The positive data bolstered the dollar by keeping expectations firm that the U.S. central bank will soon begin winding down bond purchases.

Meanwhile in the U.K., the Bank of England's monetary policy committee voted to leave rates on hold at 0.5% and made no changes to its GBP375 billion quantitative easing stimulus package.

The pound, meanwhile, was down against the euro and down against the yen, with EUR/GBP up 0.86% at 0.8370 and GBP/JPY down 0.95% at 166.08.

On Friday, markets will move on the release of the U.S. November jobs report and also on the Thomson Reuters/University of Michigan preliminary consumer sentiment index.

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U.S. stocks dip as market preps for Fed tapering; Dow down 0.43%

Investing.com - U.S. stocks fell on Thursday after better-than-expected economic growth and weekly jobless claims reports sent investors bracing for a Federal Reserve announcement to pare back monthly bond purchases in the coming months.

Stimulus tools such as the Fed's USD85 billion in monthly bond purchases drive down interest rates to spur recovery, boosting stock prices in the process, though talk of their dismantling can dampen stock prices by fanning uncertainty as to how equities will perform without a monetary crutch.

At the close of U.S. trading, the Dow Jones Industrial Average finished the day down 0.43%, the S&P 500 index also fell 0.43%, while the Nasdaq Composite index fell 0.12%.

Better-than-expected growth and jobs data out of the U.S. bolstered the dollar and the 10-year Treasury yield while watering down stock prices on expectations that the Fed will soon scale back monthly bond purchases.

The U.S. gross domestic product increased at a seasonally adjusted annual rate of 3.6% in the three months to September, well above expectations for 3.0% growth and up from a preliminary estimate of 2.8%, according to Commerce Department data released earlier.

Separately, the U.S. Department of Labor said the number of individuals filing initial jobless claims last week fell by 23,000 to a seasonally adjusted 298,000 from 321,000 in the previous week, whose figure was revised up from 316,000.

Analysts had expected initial jobless claims to rise to 325,000 last week.

Government data also showed that U.S. factory orders fell 0.9% in October, less than an expected 1% decline after an upwardly revised 1.8% increase the previous month.

Leading Dow Jones Industrial Average performers included Intel, up 2.25%, Boeing, up 0.91%, and Caterpillar, up 0.52%.

The Dow Jones Industrial Average's worst performers included Microsoft, down 2.40%, JPMorgan Chase, down 2.37%, and Goldman Sachs, down 1.88%.

European indices, meanwhile, finished lower.

After the close of European trade, the EURO STOXX 50 fell 1.17%, France's CAC 40 also fell 1.17%, while Germany's DAX 30 fell 0.61%. Meanwhile, in the U.K. the FTSE 100 finished down 0.18%.

On Friday, markets will move on the release of the U.S. November jobs report and also on the Thomson Reuters/University of Michigan preliminary consumer sentiment index.

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Forex - GBP/USD slips as U.S. industry jobs report surprises

Investing.com - The pound softened against the dollar on Wednesday after an industry report on U.S. private-sector hiring beat expectations and kept hopes going for Federal Reserve to begin tapering its dollar-weakening monetary stimulus programs in the coming months.

Stimulus tools such as the Fed's USD85 billion in monthly bond purchases aim to drive recovery by pushing down long-term interest rates, weakening the dollar as long as they remain in effect.

In U.S. trading on Wednesday, GBP/USD was trading at 1.6382, down 0.06%, up from a session low of 1.6327 and off from a high of 1.6404.

Cable was likely to find support at 1.6134, the low from Nov. 25, and resistance at 1.6442, Monday's high.

Payroll processing firm ADP reported earlier that non-farm private employment rose by a seasonally adjusted 215,000 in November, blowing past expectations for an increase of 173,000.

November's figure was revised up to a gain of 184,000 from a previously reported increase of 130,000.

The news bolstered the dollar by keeping expectations strong for the Federal Reserve to announce plans to taper its USD85 billion in monthly bond purchases in early 2014.

The Bureau of Labor Statistics will release the official November jobs report on Friday.

Hit-or-miss economic indicators elsewhere in the U.S. failed to seriously dampen the dollar's advance in U.S. trading though they did chop up trading somewhat.

The Institute of Supply Management said its non-manufacturing purchasing managers' index declined to 53.9 in November from a 55.4 in October.

Analysts were expecting the index to ease down to 55.0 last month.

In addition, the U.S. Census Bureau said new home sales rose by 25.4% to a seasonally adjusted 444,000 units in November, beating expectations for an increase to 428,000 and hitting a four-month high

A separate report showed that the U.S. trade deficit narrowed to a seasonally adjusted USD40.6 billion in October from a USD43.0 billion deficit in September, whose figure was revised from a previously reported deficit of USD41.8 billion.

Analysts had expected the U.S. trade deficit to narrow to USD40 billion in October.

Meanwhile across the Atlantic Ocean, London-based Markit Economics said the U.K. services purchasing managers index fell to 60.0 in November from 62.5 in October, which was the strongest since May 1997.

Analysts were expecting the index to decline to 62.0 last month.

The pound, meanwhile, was down against the euro and down against the yen, with EUR/GBP up 0.09% at 0.8298 and GBP/JPY down 0.45% at 167.31.

On Thursday, the Bank of England is to announce its benchmark interest rate.

The U.S. is to publish a revised estimate of third-quarter gross domestic product, while the Labor Department is to release its weekly report on initial jobless claims. The U.S. is also to publish data on factory orders.

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U.S. stocks largely lower on Fed tapering uncertainty; Dow down 0.16%

Investing.com - U.S. stocks finished Wednesday largely lower after investors spent the day on the sidelines digesting hit-or-miss data while waiting for the release of the official November jobs report on Friday, which could provide clues as to when the Federal Reserve will begin tapering its stimulus programs.

Stimulus tools such as the Fed's USD85 billion in monthly bond purchases drive down interest rates to spur recovery, boosting stock prices in the process, and talk of their dismantling can dampen stock prices by fanning uncertainty as to how equities will perform without a monetary crutch.

At the close of U.S. trading, the Dow Jones Industrial Average finished the day down 0.16%, the S&P 500 index fell 0.13%, while the Nasdaq Composite index rose 0.02%.

A mixed bag of data sent many investors jumping to the sidelines to await the release of the latest jobs report on Friday.

Payroll processing firm ADP reported earlier that non-farm private employment rose by a seasonally adjusted 215,000 in November, blowing past expectations for an increase of 173,000.

November's figure was revised up to a gain of 184,000 from a previously reported increase of 130,000.

Separately, the Institute of Supply Management said its non-manufacturing purchasing managers' index declined to 53.9 in November from a 55.4 in October.

Analysts were expecting the index to ease down to 55.0 last month.

In addition, the U.S. Census Bureau said new home sales rose by 25.4% to a seasonally adjusted 444,000 units in November, beating expectations for an increase to 428,000 and hitting a four-month high

A separate report showed that the U.S. trade deficit narrowed to a seasonally adjusted USD40.6 billion in October from a USD43.0 billion deficit in September, whose figure was revised from a previously reported deficit of USD41.8 billion.

Analysts had expected the U.S. trade deficit to narrow to USD40 billion in October.

Uncertainty as to when the Fed will begin tapering asset purchases and how stocks will react allowed for jittery trading on Wednesday.

Leading Dow Jones Industrial Average performers included Microsoft, up 1.74%, Intel, up 0.79%, and JPMorgan Chase, up 0.65%.

The Dow Jones Industrial Average's worst performers included Wal-Mart Stores, down 1.23%, Merck, down 0.94%, and United Technologies, down 0.71%.
European indices, meanwhile, finished lower.

After the close of European trade, the EURO STOXX 50 fell 0.66%, France's CAC 40 fell 0.57%, while Germany's DAX 30 fell 0.90%. Meanwhile, in the U.K. the FTSE 100 finished down 0.34%.

On Thursday, the U.S. is to publish a revised estimate of third-quarter gross domestic product, while the Labor Department is to release its weekly report on initial jobless claims. The U.S. is also to publish data on factory orders.

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Forex - Dollar drops on profit taking, awaits jobless data

Investing.com - Profit taking send the dollar falling against most major currencies on Tuesday after investors locked in gains from Monday's better-than-expected manufacturing report and sold the greenback for profits.

In U.S. trading on Tuesday, EUR/USD was up 0.37% at 1.3592.

A day earlier on Monday, the dollar rose after the Institute for Supply Management reported that U.S. manufacturing activity in November expanded at its fastest pace since April of 2011, fueling hopes that U.S. recovery is gaining steam.

The ISM manufacturing purchasing managers' index rose to 57.3 in November from 56.4 in October.

Analysts were expecting the index to fall to 55.0, and the surprise uptick sparked demand for the dollar.

The report stoked market expectations for the Federal Reserve to begin scaling back its monthly asset-purchasing program in early 2014.

Fed bond purchases tend to keep the dollar weak by driving down long-term interest rates to spur recovery.

Tuesday profit taking wiped out the greenback's gains, as investors waited on the sidelines for the release of the November jobs report on Friday.

Monetary authorities have said they'll pay close attention to data, especially out of the labor market, before deciding when to scale back bond purchases.

Elsewhere, better-than-expected data out of the Spanish labor market weakened the dollar further by bolstering the euro.

Spain reported that the number of unemployed individuals in the country declined by 2,500 in November, defying more pessimistic consensus forecasts calling for an increase of 44,300 and much better than October's 87,000 increase.

The greenback was down against the pound, with GBP/USD up 0.28% at 1.6402.

Industry data revealed that the U.K. construction purchasing managers' index rose to 62.6 in November, its highest level since August of 2007, from 59.4 in October. Analysts had expected the index to tick down to 59.0.

The report came a day after data showed that the manufacturing sector in the U.K. expanded at the fastest rate in 33 months in November, which fueled expectations that the Bank of England may tighten monetary policy ahead of other central banks.

The dollar was down against the yen, with USD/JPY down 0.57% at 102.35, and down against the Swiss franc, with USD/CHF down 0.47% at 0.9046.

The yen saw demand from bargain hunters after dropping on expectations for the Bank of Japan to beef up stimulus programs to meet its 2% inflation target by 2015.

On Monday, BoJ Governor Haruhiko Kuroda pledged to counter any new downside risks to the bank's inflation goal, saying the BoJ would act by "adjusting monetary policy without hesitation."

The dollar was mixed against its cousins in Canada, Australia and New Zealand, with USD/CAD up 0.07% at 1.0651, AUD/USD up 0.35% at 0.9138 and NZD/USD trading up 0.86% at 0.8256.

The Reserve Bank of Australia decided to leave rates unchanged at 2.5% on Tuesday in a widely expected decision.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.39% at 80.61.

On Wednesday, the U.S. is to release the ADP report on private-sector job creation, while the Institute of Supply Management is to release its service-sector purchasing managers' index. The U.S is also to publish data on new home sales and data on its trade balance.

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Forex - AUD/USD weakens ahead of Q3 GDP data, JPY slightly stronger

Investing.com - The Australian dollar weakened slightly in early trade Wednesday ahead of third quarter gross domestic product data expected to show a pickup from the previous quarter.

AUD/USD traded at 0.9134, down 0.03%, ahead of the data due at 1130 local time (0030 GMT) with a forecast of 0.8% quarter on quarter. On Tuesday, the Reserve Bank of Australia decided to leave rates unchanged at 2.5% on Tuesday in a widely expected decision.

USD/JPY traded at 102.33, down 0.20%, retracing yen weakness seen earlier this week on some expectations of further monetary easing steps by the Bank of Japan.

Overnight, profit taking sent the dollar falling against most major currencies as investors waited on the sidelines for the release of the November jobs report on Friday.

Monetary authorities have said they'll pay close attention to data, especially out of the labor market, before deciding when to scale back bond purchases.

Elsewhere, better-than-expected data out of the Spanish labor market weakened the dollar further by bolstering the euro.

Spain reported that the number of unemployed individuals in the country declined by 2,500 in November, defying more pessimistic consensus forecasts calling for an increase of 44,300 and much better than October's 87,000 increase.

EUR/USD traded at 1.3594, up 0.03%, in Asia.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.02% at 80.64.

On Wednesday, the U.S. is to release the ADP report on private-sector job creation, while the Institute of Supply Management is to release its service-sector purchasing managers' index. The U.S is also to publish data on new home sales and data on its trade balance.

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Forex - USD/JPY gains on U.S. factory data, dovish BoJ comments

Investing.com - The dollar firmed against the yen on Monday after U.S. factory data beat forecasts and cemented sentiments that the Federal Reserve remains on track to begin tapering stimulus programs in the coming months.

Stimulus tools such as the Fed's USD85 billion in monthly bond purchases aim to drive recovery by pushing down long-term interest rates, weakening the dollar in the process, though talk of their dismantling strengthens the currency.

Meanwhile, dovish comments out of the Bank of Japan weakened the yen against its advancing U.S. counterpart.

In U.S. trading on Monday, USD/JPY was trading at 103.09, up 0.62%, up from a session low of 102.23 and off a high of 103.13.

The pair was likely to find support at 102.23, the earlier low, and resistance at 103.73, the high from May 22.

The dollar saw support earlier after the Institute for Supply Management reported that U.S. manufacturing activity in November expanded at its fastest pace since April 2011, fueling optimism for more robust economic recovery down the road.

The ISM manufacturing purchasing managers' index rose to 57.3 in November from 56.4 in October.

Analysts were expecting the index to fall to 55.0, and the surprise uptick sparked demand for the dollar.

The report said both production and new orders rose by around 3 points to 62.8 and 63.6, respectively, while the employment component of the index indicated some improvement in the labor market in November, rising by a little over 3 points to 56.5.

Meanwhile the yen came under pressure on market expectations for the Bank of Japan to beef up stimulus programs to meet its 2% inflation target by 2015.

Earlier Monday, BoJ Governor Haruhiko Kuroda pledged to counter any new downside risks to the bank's inflation goal, saying the BoJ would act by "adjusting monetary policy without hesitation."

The yen was down against the pound and down against the euro, with GBP/JPY up 0.49% and trading at 168.57 and EUR/JPY trading up 0.26% at 139.57.

London-based Markit Economics reported earlier that the euro zone's manufacturing PMI rose to a two-year high of 51.6 in November from October's 51.5 reading, beating estimates for an unchanged figure, which strengthened the euro against the yen.

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U.S. stocks dip on holiday sales, U.S. jobs murkiness; Dow down 0.48%

Investing.com - U.S. stocks fell on Monday on concerns holiday shopping sales may disappoint, while investors also avoided equities to await the release of Friday's November jobs report.

At the close of U.S. trading, the Dow Jones Industrial Average finished the day down 0.48%, the S&P 500 index fell 0.27%, while the Nasdaq Composite index fell 0.36%.

Concerns that shoppers may be out in greater numbers this year but are spending less sent stock prices sliding on Monday.

The National Retail Federation reported earlier that traffic over the U.S. Thanksgiving Day holiday grew 27% on year this year, though the group added that shoppers spent an average of USD407.02 from Thursday through Sunday, down from USD423.55 last year, which allowed stocks to decline.

On Friday, the Bureau of Labor Statistics will release its November jobs report, and many investors opted to remain in safe-haven dollar and other positions ahead of time, especially due to solid data out of the U.S. manufacturing sector.

The dollar saw support earlier after the Institute for Supply Management reported that U.S. manufacturing activity in November expanded at its fastest pace since April 2011, fueling expectations for the Federal Reserve to begin scaling back stimulus measures in early 2014.

Stimulus measures such as the Fed's USD85 billion in monthly bond purchases weaken the dollar by driving down borrowing costs to spur recovery, and talk of their dismantling — the product of advancing economic data — tends to firm the dollar's value.

The ISM manufacturing purchasing managers' index rose to 57.3 in November from 56.4 in October.

Analysts were expecting the index to fall to 55.0.

The report said both production and new orders rose by around 3 points to 62.8 and 63.6, respectively, while the employment component of the index indicated some improvement in the labor market in November, rising by a little over 3 points to 56.5.

Leading Dow Jones Industrial Average performers included Microsoft, up 0.85%, Visa, up 0.73%, and Merck, up 0.66%.

The Dow Jones Industrial Average's worst performers included 3M, down 4.36%, The Travelers Companies, down 1.93%, and IBM, down 1.27%.

European indices, meanwhile, finished lower.

After the close of European trade, the EURO STOXX 50 fell 0.23%, France's CAC 40 fell 0.22%, while Germany's DAX 30 fell 0.04%. Meanwhile, in the U.K. the FTSE 100 finished down 0.83%.

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Mandela grandson faces assault charges -S.Africa prosecutors

JOHANNESBURG (Reuters) - South Africa will charge one of Nelson Mandela's grandsons with assault and brandishing a gun at another man, a prosecutor's official said on Sunday, in a further embarrassment for the anti-apartheid hero's large and fractious family.

Mandla Mandela is due to appear in court on Friday, Luxolo Tyali, a spokesman for the National Prosecuting Authority, told Reuters. "The NPA has decided to prosecute him and summons have been issued," Tyali said.

South Africa's Sunday Times newspaper said the younger Mandela was reported to have drawn a gun on a 44-year-old teacher whose vehicle had collided with one driven by a guest of Mandla Mandela's.

The teacher later had to undergo emergency surgery to remove a blood clot from his brain, the newspaper said. A spokesman for the younger Mandela has said the incident never happened and the accusation was "pure fabrication".

Tyali spelled out the charges facing Mandla Mandela but declined to give details of the incident.

Mandla Mandela made headlines earlier this year when a judge ordered him to return the remains of three of Nelson Mandela's children - including those of his father - from a memorial centre dedicated to his grandfather where he had moved them two years ago.

Mandla had been sued by more than a dozen of Mandela's relatives who wanted the remains returned. Mandla said as the local head of the family, it was within his rights to bury the remains on his property.

Former president Nelson Mandela, 95, spent nearly three months in hospital this year for a lung infection that left him in critical condition. He has been receiving care at his Johannesburg home since early September.

In all, Nelson Mandela fathered six children from his three marriages. (Reporting by David Dolan; Editing by Mark Heinrich)

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Rooney rescues United as champions battle to draw at Spurs

By Martyn Herman

LONDON (Reuters) - Wayne Rooney equalised twice as Manchester United stretched their unbeaten run to 12 matches with a lively 2-2 draw at Tottenham Hotspur in the Premier League on Sunday.

With both sides anxious to make up ground on the top four, Tottenham had most to feel frustrated about as they failed to completely capitalise on a much-improved display after last week's 6-0 mauling at Manchester City.

Kyle Walker's fierce free kick gave them an 18th minute lead only for Rooney to equalise with poacher's goal after Walker went from hero to zero with a terrible error.

A spectacular strike by Sandro restored the home team's lead after the interval before a rash moment by goalkeeper Hugo Lloris handed Rooney the chance to level from the penalty spot.

It was a point that left United nine points behind leaders Arsenal in eighth place, one place above Spurs, and despite not losing since September, manager David Moyes was frustrated.

"But for a minute at Cardiff last week it would have been a great week for us as Tottenham is not an easy game and they had their pride to restore today, which they did with their performance," Moyes told reporters.

"But United have to win. I'm concerned that we are not closer to the top but it's a long season and I still feel we have room to progress. It's a busy period coming up and we want to be on the shirt tails of (the leading teams) going into the end of the year, and at the start of next year.

"Undoubtedly Arsenal have been very consistent and they have got off to a great start but there will be a lot of teams now looking to chase them down and hopefully we are one of them."

But for the form of Rooney, United would have been staring at a damaging defeat as they flattered to deceive at times.

"We deserved more I think," Tottenham's under-pressure manager Andre Villas-Boas told reporters in a frosty press conference in which he accused some members of the media of "disrespect" following the defeat by City.

"The penalty could have been another call. But it was a good response from the defeat at City, not perfect because we wanted to win, but it keeps us in touch."

Tottenham had not beaten United in 12 previous home attempts but they began the game looking determined to improve that dismal statistic and get their season back on track.

With Villas-Boas pacing around his technical area from the first minute they began at a high tempo with Walker and Aaron Lennon impressive down the right flank.

Lennon cut in to test keeper David de Gea with a low shot after 10 minutes.

CROWDED OUT

Slow-starting United, with Shinji Kagawa given a starting berth in central midfield, were nearly gifted a head start when Vlad Chiriches was robbed by Rooney who exchanged passes with Antonio Valencia but then found himself crowded out.

Tottenham deservedly took the lead in the 18th minute when Jonny Evans committed a clumsy foul on the edge of area and Walker drilled his free kick under United's four-man wall who had jumped in unison.

The home side were suddenly sweeping forward with relish and Roberto Soldado wasted a great chance being set free by Paulinho and De Gea saved well from Lennon as United wobbled.

Tottenham's momentum was then halted by a terrible mistake from Walker, the England right back diverting the ball across his own area for Rooney to smash United level after 32 minutes.

The Londoners began the second half full of purpose and went back in front with an unstoppable shot from Brazil midfielder Sandro after 54 minutes.

However, United were given another helping hand three minutes later, Lloris needlessly racing off his line to clip Danny Welbeck's ankle as he veered away from goal.

Rooney made no mistake from the penalty spot, hammering his eighth league goal of the season past Lloris.

"Wayne was very good today," Moyes, who was again without Robin van Persie, said. "He can score great goals but that first one was a real sniffer's goal." (Editing by Tony Jimenez and Toby Davis)

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Diesel price hiked by 50 p/ litre from Saturday midnight

Diesel prices have been hiked by 50 paisa per litre, excluding VAT, with effect from Saturday midnight. This is the sixth increase in diesel rates in 2013. There will be no change in petrol prices as oil companies decided not to pass on the 25-30 paise increase necessitated by depreciation of the rupee against the US dollar.

The price of diesel in Delhi will be hiked by 57 paise, including tax, to Rs 53.67 per litre, while it will cost Rs 60.70 a litre in Mumbai as against 60.08 currently.

Petrol prices were last revised on November 1, when it was cut by Rs 1.15 a litre. It costs Rs 71.02 a litre in Delhi currently.

A government panel had recommended an increase of Rs 5 a litre during a recommendation presented in October. The diesel price hike could cut the government's fuel subsidy bill by as much as Rs 16,000 crore from November 1 to the end of the current fiscal year on March 31, 2014, according to Reuters. Diesel accounts for over 40 percent of refined fuel use in the country.

The government allowed oil companies in January to raise diesel prices in small doses every month to wipe out mounting losses. While most of the shortfall on diesel sales should have been wiped out, losses mounted to Rs 14.50 per litre in July-August as the rupee fell about 25 percent from April levels. The recent firming up of the rupee against the dollar and the monthly price increases have trimmed these losses to Rs 9.99 a litre. Diesel rates have risen by a cumulative Rs 6.62 this year.

(With additional inputs from PTI)

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Why there isn`t fog in Delhi yet

Only one Western Disturbance has affected Northwest India till now and due to this, dry and cool north westerly winds are prevailing over the plains keeping the humidity level below normal. These winds blowing from the west and northwest direction have been preventing the formation of fog. In the normal course, at least 2 or 3 WDs would have occurred by now, increasing the moisture level favourable for fog formation. In the absence of any significant system at least for a week, formation of fog is not likely over Delhi/NCR.

Here`s an understanding of what is fog, why and how it forms and in what way it affects weather.

Fog is an atmospheric obscurity which reduces the visibility to less than 1000 metres during highly humid conditions. In simple words, we can say that fog is a collection of very tiny water droplets or ice crystals suspended in the air at or near the Earth`s surface.

How is fog formed?

Fog forms as a result of the cooling of the air in contact with the ground. The cooling process is due to loss of heat to the ground by warmer air that moves over the colder surface or due to loss of heat by the outgoing radiations. The former is 'advection' fog and the latter 'radiation' fog. Advection fog over land is a result of advection followed by cooling. Radiation fog forms when the temperature falls at night due to an excess of outgoing radiation and development of deep inversion. (Inversion means the ground is cooler than the air lying above it, at least in the lower levels)

Requisites for fog formation

Light wind conditions and cool temperatures on a highly humid day are favourable for formation of fog. Wind speed is a critical parameter for fog formation as strong and accelerating winds are generally a deterrent for fog formation. Overnight cloud cover is also a negative parameter for its formation.

Types of fog

The different types of fog includes shallow, thick, dense and very dense. Many-a-times fog occurs in patches but it is only dense fog, which usually affect rail, road and air traffic. Fog over northern plains including Delhi/NCR is seen after a spell of widespread rainfall due to Western Disturbance in winters.

Picture courtesy- sandesh.com

By: Skymetweather.com

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