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Friday, June 03, 2005

'Free' Markets

"Japanese exporters today sold the dollar around its early high of 108.28 yen, and losses accelerated once the U.S. currency fell through 108 yen, where some traders had pre-set orders to sell, said Luke Waddington, head of interbank currency sales in Tokyo at Royal Bank of Scotland Group Plc.

``Once the dollar got through 108, stop-loss orders kicked in,'' Waddington said.

Traders typically place automatic orders to buy or sell the currency to limit losses in the event bets go the wrong way.

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