South Korean won was among the other Forex traded currencies that triumphed over the U.S. dollar during this week as the USD was losing its ground on many areas. But today USD/KRW corrected from its almost two-month bottom. The current account deficit in South Korea is seen as one of the most important monetary problems recently and while the dollar is losing … “South Korean Won Corrects against USD”
Month: February 2008
Dollar Still Near Record Lows
The dollar is still trading near its record low value against the euro today, but it has managed to recover somewhat from the yesterdays fall after the oil prices corrected on the increased oil inventories in U.S. Fed chairman Ben Bernankes testimony to the U.S. congress showed that there are possibilities for the housing and employment markets to weaken even further and that the risks for the financial markets and banking sector still remain high. This testimony added … “Dollar Still Near Record Lows”
Euro above 1.5 vs. Dollar
The U.S. dollar fell below its absolute record low level against the European currency today. If the day closes above $1.5 per euro, it will be a signal for a definite return of dollar to its bearish trend of the 2007. EUR/USD broke through the major 1.5000 resistance at the beginning of the Asian trading session today, but then the currency pair retraced back below the 1.5000 mark … “Euro above 1.5 vs. Dollar”
Rupee Grows for Second Day
Indian rupee continued to advance in value during todays Forex trading session as the investors bought local currency to participate in the Indian stock markets rally. The Asian financial markets continued to grow today attracting more traders and spurring the growth of the regional currencies. Rupee also benefits from the tightening monetary policy in U.S. combined with the high interest rates on Indian government bonds. This … “Rupee Grows for Second Day”
Kiwi and Aussie Rise on Demand for High-Yielders
New Zealand dollar reached the two months high level against the Japanese yen and almost broke the more than 6 months record high level against the U.S. dollar today. Aussie also showed a similar dynamic of growth it came close to the 2 months old records against yen and reached its highest value against the U.S. dollar since November 2007. Despite … “Kiwi and Aussie Rise on Demand for High-Yielders”
Appreciation of Yuan Keeps CPI Down
The Peoples Bank of China released a monetary policy report for the fourth quarter of 2007 today. In this report, Chinese monetary authorities noted that the yuans appreciation really helps in fighting the national inflation. Consumer prices index grew significantly last year, breaking a decade old records on inflation. Although, strong yuan helped to keep inflation from accelerating, CPI was still at a high level by the end of 2007 and … “Appreciation of Yuan Keeps CPI Down”
CAD Grows for Second Day
The Canadian dollar continued to grow today after rising from the one month bottom in which it has been until yesterday. Oil rose to the record high levels above $100 per barrel recently adding interest to one of the largest oil-exporting economies. Earlier the Canadian dollar experienced a long bearish trend spurred by the recession fears in U.S. and a possible slowdown of the global economy growth, which could have pulled Canadian commodities-exporting economy down. … “CAD Grows for Second Day”
FOMC Minutes Show that Fed Worry
The release of the FOMC minutes for January 29/30 meeting today gave traders more insight about the Feds vision and strategy. Dollar started to lose its positions right after the release and shortly reversed its daily gain against euro. In the released document, members of the committee expressed a worry about the global slowdown of the advanced economies, current state of the housing, consumer and financial sectors. Long-term securities markets, according to minutes, are also experiencing the excess volatility: … “FOMC Minutes Show that Fed Worry”
Yuan on Record Rally Spree
Today was the fifth straight day when the Chinese yuan grew against the U.S. dollar and other major Forex currencies after the Peoples Bank of China introduced its new anti-inflation policy. During the China Foreign Exchange Trade System trading session today the Chinese yuan gained 0.1%, rising from 7.1580 to 7.1510 per 1 U.S. dollar. Since the beginning of 2008, USD/CNY lost … “Yuan on Record Rally Spree”
AUD Up on Interest Rate Increase Expectations
The Australian dollar rose today against other major currencies, as the banks minutes release hinted markets that the Reserve Bank of Australia will probably increase the interest rate by 25 basis points again next month. AUD/USD gained more than 1.2% today, making it a second such day for this currency pairs. AUD/JPY had just a minor gain today, but nevertheless its already a 7th day in a row. EUR/AUD declined from 1.6164 to 1.6008 today … “AUD Up on Interest Rate Increase Expectations”