The Central Bank of Sudan announced through circular (sent to Sudanese banks last Thursday) that starting from 2008 it will be denominating all currency accounting in euro instead of U.S. dollar. Central bank also informed other national banks that they are advised to stop using dollars and move to euro too. In their opinion, it … “Sudan Moves to Euro”
Month: December 2007
Dollar is Losing Positions – IMF
The International Monetary Fund‘s report, released this Friday, shows that the specific part of U.S. dollar in world’s foreign currency reserves fell significantly in 2007. The U.S. dollar is losing its position as the international reserve currency giving it up to euro and Great Britain pound. In 2007 Q3 the dollar’s share in the Forex reserves was at 63.8%, it was 65.0% in the second quarter this year and it was 66.5% in third … “Dollar is Losing Positions – IMF”
ZAR Gains at Fastest Pace Since October
South African national currency, rand, showed this week a highest gain against U.S. dollar since October, based on a high probability that the South African Reserve BanSouth African Reserve Ban will increase the benchmark interest rate again after the inflation continued to grow. The rand also gained significantly against Japanese yen, its major carry trade counterpart. With the hawkish intentions of the South African central bank … “ZAR Gains at Fastest Pace Since October”
EUR/GBP Continues Triumphal Rally
Today euro reached a new record high value against the Great Britain pound after the real estate market of the United Kingdom brought even more negative news thus increasing the chances for the Bank of England to cut the interest rate in January or February 2008. The Nationwide Building Society released a report today showing that U.K. house prices fell by 0.5% in December. This makes for the second consecutive monthly drop in a row after … “EUR/GBP Continues Triumphal Rally”
EUR/USD to Correct in 2008
The median U.S. dollar gain versus euro, estimated by the foreign exchange market experts for the next year, is 3.5%. The dollar is believed to gain strength in 2008 after two years of a pretty fast decline and hitting the historical minimums against several major world currencies. Surveyed by Bloomberg News, 42 currency analysts estimate … “EUR/USD to Correct in 2008”
Kamezaki: Bank of Japan isn’t Going to Cut Rate
Hidetoshi Kamezaki member of the Policy Board of the Bank of Japan said today during briefing with the reporters, that BoJ has no plans to lower main interest rate yet, and it will have to look at whole picture of the coming economic statistics before carrying out a decision on a rate’s change. The Bank of Japan kept the interest rate at the 0.5% level after the last week meeting on December 20, but it also lowered … “Kamezaki: Bank of Japan isn’t Going to Cut Rate”
Dollar Falls against Yen
U.S. dollar has already entered the Christmas flat market zone and is trading on the very low volumes. During the Asian session today it managed to lose just 0.1% to Japanese yen as the latter gained from the good news from Merrill Lynch. Yesterday USD/JPY hit its monthly maximum level at 114.48 — the rate that hasn’t been seen since November 7. Today USD/JPY touched 113.92 and then retreated … “Dollar Falls against Yen”
Euro Rises before Christmas
The euro rose against all other major currencies today spurred by the carry trading optimism and weakness experienced by the Great Britain pound and the U.S. dollar. EUR/GBP reached its historical maximum as the pound has been losing its weight against other currencies on Forex. Bank of England monetary policy is currently aiming on a lower interest rates, while the real estate sector in the United Kingdom is suffering a sharp decline in house … “Euro Rises before Christmas”
South African Rand Declines for Second Week
South African rand has fallen this week losing almost 2% against the U.S. dollar compared to its last Friday’s close rate. It was the second straight loss week for USD/ZAR as the Forex traders were leaving carry trade positions before the holidays period uncertainty and on the bad political background in South Africa. Jacob Zuma, accused in a corruption case two years ago, was elected as the head of the African National … “South African Rand Declines for Second Week”
Finance Minister of India: Rupee’s Rate is Driven by Markets
Indian Finance Minister, Palaniappan Chidambaram, said yesterday that the the rupee’s value is determined only by the market participants and is not regulated by the government in any way. The Indian rupee lost 0.5% this week falling down to 39.555 against the U.S. dollar after almost three weeks of gain. Indian currency gained more than … “Finance Minister of India: Rupee’s Rate is Driven by Markets”