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* Investors unwind bets against dollar, take shine off gold
* Russia tensions ease, weakening support for oil
* Asia stocks rebound from 2-year low
By Kevin Plumberg
HONG KONG, Aug 25 (Reuters) - The U.S. dollar rose broadly
on Monday, hitting a two-year high against sterling, as
tumbling oil and gold prices left investors scurrying to buy
back the currency and sparked a rebound in Asian stocks.
A rally in the dollar stalled last week after hitting a
six-month high against the euro, but an upward trend in the
U.S. currency is seen intact.
Recent reports showing shrinking or no economic growth in
Britain, the euro zone and Japan have boosted the attraction of
the dollar as an alternative investment, especially with crude
prices trading at around $114 barrel, $33 below a record high
hit in July.
Even billionaire investor and long-time dollar detractor
Warren Buffett, chairman of conglomerate Berkshire Hathaway Inc
<BRKa.N>, came to the currency's aid on Friday when he said in
a television interview that he had no bets against the dollar.
"The combination of incremental weakness in the European
economy and the lower oil prices should keep the pressure on
euro/dollar in our view," Nizram Idris, currency strategist
with UBS in Singapore, said in a note.
Asian stocks rebounded from a two-year low as the drop in
oil prices lifted exporter shares.
Japan's Nikkei share average <> jumped about 2
percent, with shares of Honda Motor Co leading the way higher
<7267.T>.
The MSCI pan-Asia stocks index <.MIAS00000PUS> was up 1.2
percent, after hitting the lowest since July 2006 on Friday.
The MSCI Asia-Pacific ex-Japan index <.MIAJP00000PUS> edged up
0.3 percent. Australia's benchmark share index <> was also
up 2 percent.
The euro <EUR=> fell 0.4 percent to $1.4724, about a cent
away from last week's low.
The British pound fell to $1.8415 <GBP=>, its lowest since
July 2006, hurt by data on Friday that showed Britain's gross
domestic product was unchanged in the second quarter compared
with an initial estimate of 0.2 percent growth -- bolstering
the case for lower interest rates to spur activity.
Oil extended losses, after suffering the biggest daily
decline since 2004 on Friday, helped by Russia's pledge to
withdraw the bulk of its troops from Georgia and the uneventful
passing of Tropical Storm Fay near the Gulf of Mexico.
"The easing of Tropical Storm Fay and the pullout of
Russian troops from Georgia has taken some risk premium out of
the market," said Toby Hassall, chief analyst at Commodity
Warrants Australia in Sydney.
"But there will be some degree of geopolitical tensions as
long as Russia still has troops stationed in Georgia."
U.S. light crude for October delivery <CLc1> slipped 46
cents to $114.13 a barrel.
Gold eased 0.5 percent to around $818 an ounce <XAU=> in
the spot market, having shed more than $150 in the last month
as oil prices fell and the dollar strengthened.
