The Asian currencies fell this week as the oil prices surged and the rising inflation concerns forced foreign investors to cut the inflow of liquidity into this region. Indian rupee and Malaysian ringgit led the seven out of the ten most traded Asian currencies (excluding the Japanese yen) that dropped after the Federal Reserve representatives stated that the high inflation becomes a real challenge as the oil prices rose to the new historical maximum. Recent … “Asian Currencies Fell on High Oil Costs”
Month: May 2008
Yen Continues Growth after GDP Report
The Japanese yen continued its growth today after the late yesterday release of the GDP report showed that the gross domestic product rose much better than everyone expected. Japans economy gained 0.8 percent in the first quarter of 2008 compared to the fourth quarter of 2007 and in a year-to-year comparison it expanded by the astonishing 3.3 percent as the exports to emerging markets helped growth during the global financial crisis. … “Yen Continues Growth after GDP Report”
Kiwi Falls Deeper on Bad Retail Sales
The New Zealands currency continued its extremely fast drop against the other major currencies today after the retail sales report was released yesterday at 22:45 GMT. It was a third day of a bearish trend for the New Zealand dollar (at least against the U.S. dollar) as it continued the fall thats lasting from mid March 2008 when kiwi (a nickname for NZD) reached its historical maximum against … “Kiwi Falls Deeper on Bad Retail Sales”
Euro Stronger on German GDP
The United Europes currency gained a new strength on the Forex market today after the German quarterly GDP data was released and the investors got more confidence in the ECBs hawkish stance. According to a report that was released today at 6:00 GMT the Germanys gross domestic product gained 1.5% in a quarter-to-quarter comparison in the first quarter of 2008 a strongest growth for the GDP indicator since 1996. This … “Euro Stronger on German GDP”
Dollar Extends Gain on CPI Expectations
The U.S. dollar extended its gain against other major currencies on Forex today as the investors expect higher April CPI figures from the report that will be released today at 12:30 GMT. Dollar is now growing for a second day after the weak fundamental indicators were ignored yesterday and the traders reacted on the elevated export and import prices growth. Market participants expect … “Dollar Extends Gain on CPI Expectations”
Dollar Will Lose 11% to Yuan in 2008
According to the research paper, released by United Overseas Bank Ltd., the yuan has a strong chance to appreciate further this year to the total of 11 percent gain against the U.S. dollar in 2008. The Chinese currency has rose 4.3 percent up this year already, as the government used yuan to fight the accelerating inflation. Suan Teck Kin of United Overseas Bank confirmed in an interview today the statement … “Dollar Will Lose 11% to Yuan in 2008”
British Pound Grows on April PPI Report
The Great Britain pound rose today against the U.S. dollar and the euro, partially recovering its losses from the last week, as the record high PPI growth added confidence that the Bank of England will not lower interest rates next time. The prices for the British long-term securities declined today, while their yields increased, showing a higher inflation … “British Pound Grows on April PPI Report”
Korean Won at Lowest since 2005
The South Korean won declined to its lowest level since November 2005, as the countrys central bank said that the weaker currency will be helping against the economic stagnation. The Bank of Korea decided to leave the interest rate unchanged at 5 percent points today as the inflation prevented using monetary policy easing to decrease the money cost and bust spending. This decision helped the … “Korean Won at Lowest since 2005”
Dollar Rose on Hoenig’s Hawkish Comments
The U.S. dollar rose today during the late Asian Forex trading session, as the traders reacted on the hawkish commentary by the Federal Reserve Bank of Kansas City President Thomas Hoenig. Hoenig said that if the inflation pressures strengthen in U.S., Federal Reserve will probably increase the interest rates. According to him, the U.S. economy will recover from the current crisis later … “Dollar Rose on Hoenig’s Hawkish Comments”
AUD Stops Growth after RBA Statement
The Australian dollar stopped growing on the Forex market today after the Reserve Bank of Australia mentioned economical growth moderation in its monetary policy statement. The RBA kept its 12-year high interest rates unchanged at 7.25 percent points today during the scheduled monetary policy meeting ruled by Glenn Stevens. The Aussie has reached its 24-year record high level against the U.S. … “AUD Stops Growth after RBA Statement”