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IMM speculators raise net euro long positions-CFTC

NEW YORK, July 7 (Reuters) - Currency speculators in International Monetary Market futures increased their long euro positions for the period ending July 3, according to data released on Friday.

Net long euro positions rose further to 68,545 contracts, up from last week's 64,670 contracts, data from the Commodity Futures Trading Commission showed. Being "long" a currency is effectively a bet it will strengthen, while being "short" is a bet it will weaken.

David Powell, currency strategist at IDEAglobal in New York, said he expects euro long positions to increase further next week in the wake of hawkish comments on Thursday by European Central bank President Jean-Claude Trichet. Friday's CFTC data did not include Thursday's ECB comments.

Trichet's remarks suggested there would more interest rate increases in the euro zone due to rising inflationary pressures.

Indian shares snap 3-day gain, Karachi jumps

NEW DELHI, July 4 (Reuters) - Indian shares snapped a three-day rally, falling modestly in thin trade as investors pocketed some gains, but stocks in Karachi rose smartly as institutional buyers stepped up value buying.

India's 30-issue benchmark BSE index ended 0.3 percent lower at 10,662.22 points after retracing from the day's high of 10,800.11, a key resistance level. Market breadth was negative with 1,020 shares advancing compared with 1,318 declines on volume of just 97.4 million shares.

The 50-share S&P CNX Nifty slipped 0.4 percent to close at 3,138.65 points.

"The market is taking a pause after a sharp upmove," said Sudarshan Sukhani, chartist at Technical Trends.

The index touched its highest in more than a month on Monday, gaining 5.6 percent in three trading sessions.

The US Dollar Emerges as an Unlikely Safe Haven

Hot money flows into and out of foreign countries come in big waves. Losses in one market trigger sales in other markets. And foreign investors, who hold huge stakes in emerging markets such as Brazil, India, Russia, and South Africa, will often influence local investors, when there is a whiff of panic is in the air. If the global tightening campaign is off the mark, and leads to a hard landing, traders could continue to unload risky assets abroad for safer pastures at home.

BrewerFX Partners With Learn:Forex to Introduce New Managed forex Accounts

Learn:Forex, one of the nation's oldest and most respected forex learning institutes, announced today that BrewerFX has selected the company as its exclusive partner for managed forex trading and foreign exchange education. BrewerFX is a wholly- owned subsidiary of Brewer Investment Group, which is an elite, full-service wealth management firm with affiliate offices world wide. Brewer will utilize Learn:Forex traders to run its managed forex product offering and will promote Learn:Forex's currency trading courses to clients through its broker network.

Until recently, the forex markets have been primarily utilized by hedge funds and institutions. The strategic alliance between Learn:Forex and BrewerFX brings the potentially lucrative world of foreign exchange to retail investors and connects them with professional forex traders.

The Pornographers vs. The Pirates

Jason Tucker is one of a new breed of pornographers. As president of Falcon Foto, he publishes such skin-baring magazines as Hometown Girls and Virgins. But his résumé hardly reads like that of a typical gold-chained smut king. A slight 33-year-old with spiked hair, Tucker came to the X-rated world after a failed Hollywood career that included a gig in film production and parts as a youngster on TV shows such as a Little House on the Prairie spin-off. Adult entertainment was a fallback for the self-described geek who bounced from Tinseltown to work as a consultant advising large tech companies about the skin trade's technology needs. .

FOREX-Yen climbs for 2nd day vs dollar on BOJ outlook

TOKYO, June 21 (Reuters) - The yen climbed against the dollar for a second day on Wednesday after the Bank of Japan chief signaled the central bank is on course to lift interest rates for the first time in six years, possibly as soon as July.

BOJ Governor Toshihiko Fukui said the previous day that policy decisions should be made early if warranted by economic conditions, stoking expectations for a near-term rate rise from virtually zero.

"Yesterday he made some hawkish comments on rates and showed his willingness to stay in office, and this news raised the possibility of an end to the zero interest rate policy in July," said Masafumi Yamamoto, currency strategist at Nikko Citigroup.

The yen sank to an all-time low against the euro and an eight-week trough versus the dollar earlier in the week, partly on worries that a furore over Fukui's private investments would lead to his resignation and delay the first BOJ rate increase.