The U.S. dollar has lost a fourth straight week against the European currency (and against the pound and the yen as well) as the whole week was filled with the bad economic news from the United States. The Fridays unexpected drop in the non-farm payrolls brought the dollar to a new historical minimum against the euro at 1.5454 euro/dollar. Surprisingly enough, it was the only … “Dollar Loses 4th Straight Week vs. Euro”
Month: March 2008
Forex Reserves at Record $1.01 trln in Japan
Japanese foreign exchange reserves rose to a new absolute maximum value last month almost $1.01 trillion. A $11.9 billion change is attributed to the growth of the euro against the dollar, which was significant in February. Reported by the Ministry of Finance Japan countrys reserves remain among the highest in the world only China possesses bigger foreign exchange reserves in their U.S. dollar value. Februarys gain was a second straight record setting for Japans reserves this year after a gain … “Forex Reserves at Record $1.01 trln in Japan”
U.S. Dollar Declines Ahead of ECB, BoE Meetings
The U.S. dollar continued its weekly decline today, as the market participants awaited the results of the European Central Bank and the Bank of England monetary meetings. The yield difference between the short-term European bonds and the U. S. Treasuries are at its widest value in 15 years. This fact forces more investors to convert dollar to euro in order to buy the more yielding assets. The analysts expect that the ECB will keep the rates unchanged today at 4.00% the 5-year high … “U.S. Dollar Declines Ahead of ECB, BoE Meetings”
Pound at All Time Low against Euro
The Great Britain pound fell to its lowest historical value against the euro today after the pessimistic economic news were released in UK. Pound also lowered against other major currencies today. Two major news releases came out today in UK consumer confidence and new permanent jobs. The labor market in February was declining according to the KPMG and the Recruitment and Employment Confederation. They reported that the number of the new workers … “Pound at All Time Low against Euro”
Australian Benchmark Rate Set to 7.25%
The Reserve Bank of Australia increased the national benchmark rate for the second time in 2008 from 7.00% to 7.25%. The last time interest rate was increased on the 5th of February. Currently benchmark interest rate in Australia is the highest since 1996. RBA believes that the recent borrowing tightening contributed to the slowing of the inflation as the consumers began to spend less: Having weighed both the international and domestic information available, the Board concluded that a further tightening in monetary … “Australian Benchmark Rate Set to 7.25%”
JPY Grows on Stock Plunge in Japan
The Japanese yen rallied today during and after the Asian trading session, as the stock market in Japan plunged rapidly today. The risk-averting investors massive sell-off cut the NIKKEI 225 index by almost 4.5%. The yen ended the last week on Forex with a significant gains against U.S. dollar, Australian and New Zealand dollars, euro and pound. It happened, because bad economic statistics in U.S. spurred pessimistic sentiments on all stock markets, leading to the growth … “JPY Grows on Stock Plunge in Japan”
Australian Dollar at 24 Years High
After one of the worst weeks for the U.S. dollar and the attraction of the large capitals to the high-yielding assets this week, the Australian dollar reached its record high value against USD in 24 years. AUD/USD touched 0.9496 two days ago it was the highest level since March 1984. The overall weekly gain wasnt very impressive (under 0.9%) because the currency pair corrected significantly on Friday. Aussie remained the second best performing currency against the U.S. … “Australian Dollar at 24 Years High”