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Gold drops on Fed stance, dollar strength

NEW YORK (MarketWatch) — Gold futures fell Wednesday, pressured by data showing low U.S. inflation and by a jump in the dollar after stronger manufacturing reports and rising bond yields made the currency more attractive.

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Forex - USD/JPY up toward the end of U.S. session

  Forex Pros - The U.S. Dollar was higher against the Japanese Yen on Wednesday. USD/JPY was trading at 84.22, up 0.67% at time of writing. The pair was likely to find support at 82.84, Tuesday’s low, and resistance at 84.51, today’s high. Meanwhile, the U.S. Dollar was up against the Euro and the British Pound, with EUR/USD shedding 1.25% to hit 1.3211 and GBP/USD falling 1.47% to hit 1.5541.

Lehman creditors file competing reorganization plan

NEW YORK, Dec 15 (Reuters) - Bondholders of Lehman Brothers Holdings Inc filed a rival plan on Wednesday to parcel out the bank's estimated $58 billion in assets in the largest U.S. bankruptcy reorganization on record, according to a court filing. Hedge fund Paulson & Co, the California Public Employees' Retirement System and other bondholders filing the plan said the original reorganization proposal offered by Lehman in March favored large banks over other creditors. The bondholders' plan, a so-called substantive consolidation, would combine the claims and assets of Lehman's various units and pay creditors from a single pool. (Reporting by Dena Aubin)

RPT-Lehman creditors may file rival reorganization plan

(Repeats to separate story from related Dec. 15 news alert) * Competing plan may be filed this week - source * Paulson, Calpers have opposed Lehman's plan * Estimated $57.5 bln assets to be distributed NEW YORK, Dec 14 (Reuters) - Creditors of Lehman Brothers Holdings Inc, including hedge fund Paulson & Co, may file a competing reorganization plan for distributing the bank's assets, a person familiar with the matter said. The plan, which may be filed this week, would come more than two years after Lehman filed the largest U.S. bankruptcy ever and would vie against Lehman's own reorganization proposal filed in March. Paulson & Co, led by billionaire John Paulson, and other creditors including the California Public Employees' Retirement System, or Calpers, have opposed the company's plan, saying it would treat large bank creditors better than other creditors and spur litigation. Calpers is the largest U.S. pension fund. Paulson & Co declined

Forex - EUR/USD down toward the end of U.S. session

Forex Pros - The Euro was lower against the U.S. Dollar on Wednesday. EUR/USD was trading at 1.3216, down 1.21% at time of writing. The pair was likely to find support at 1.3179, Friday’s low, and resistance at 1.3497, Tuesday’s high. Meanwhile, the Euro was up against the British Pound and down against the Japanese Yen, with EUR/GBP gaining 0.27% to hit 0.8503 and EUR/JPY falling 0.54% to hit 111.33.

Forex - EUR/USD down at the end of U.S. session

Forex Pros - The Euro was lower against the U.S. Dollar on Wednesday. EUR/USD was trading at 1.3213, down 1.24% at time of writing. The pair was likely to find support at 1.3179, Friday’s low, and resistance at 1.3497, Tuesday’s high. Meanwhile, the Euro was up against the British Pound and down against the Japanese Yen, with EUR/GBP gaining 0.23% to hit 0.8500 and EUR/JPY falling 0.53% to hit 111.34.