The Indian rupee is going to grow in the coming months as the central bank will probably rise the interest rate and will allow currencys appreciation according to Bank of America strategist. This is not very popular scenario among the currency market analysts, but Bank of America and some other investment institutions think that the rupee will rise more than 9% by the years end and the … “Bank of America Confident on INR Growth”
Month: May 2008
Euro Rose on Support of ECB Rates
The euro rose today during the early Forex trading session, as the European politicians changed their mind on the ECB interest rate policy and traders became more confident that Jean-Claude Trichet wont reduce the rates this week. The ECB used its every recent statement to convince the market participants that the inflation is a banks primary concern and that it wont go for lower rates … “Euro Rose on Support of ECB Rates”
Japan, South Korea and China to Create Foreign Reserve Pool
According to the Finance Minister of Japan, Fukushiro Nukaga, Japan, South Korea and China are in the process of creating the mutual pool of $80 billion foreign currency reserves in order to protect the Asian financial markets in case of a speculative attacks. Other Asian countries will also participate in this fund, but the major part (around 80%) will be contributed by Japan, South Korea and China. While the … “Japan, South Korea and China to Create Foreign Reserve Pool”
Kuwait: GCC to Abandon Dollar
Kuwaiti Finance Minister has said that the Gulf Cooperation Council countries, U.A.E., Qatar and Bahrain specifically, are planning to scrap their currencies peg to dollar soon. Mustafa Al Shimali is confident that other Middle Eastern countries will be doing what Kuwait has done in May 2007. Recently financial officials from the United Arab Emirates stated that depegging is not in the countrys interest, while … “Kuwait: GCC to Abandon Dollar”
Yen Falls for Second Day as Stocks Bloom
Today the yen fell for the second day in a row on Forex as the stock markets rallied and the traders looked for the more high-yielding assets, selling the Japanese currency for dollar and other risky currencies. Although, the U.S. dollar is also heading for the second weekly gain against the Japanese yen, JPY declined mostly against such carry trade … “Yen Falls for Second Day as Stocks Bloom”