The Malaysian ringgit like the other emerging Asian currencies continued to fall today as the U. S. Congress failed to pass the $700 rescue plan for the financial institutions and the global volatility rose on the deeper crisis expectations. The Malaysian currency is currently heading for the second month of decline versus the U.S. dollar as the Asian stock markets follow the general trend of the … “Malaysian Ringgit Opens Lower for 6th Day”
Month: September 2008
Dollar Gains on Rescue Plan Agreement
The U.S. dollar rose today against the euro and the pound after the U. S. President and Congress leaders reached the agreement on the $700 billion plan to buy out lossy assets from the financial companies. Dollar accelerated its growth after Harry Reid, the Senate Majority Leader, said that the plan will be considered and the Senate will vote on it before October … “Dollar Gains on Rescue Plan Agreement”
Euro May Fall against Dollar on Paulson’s Plan
The bet on the euro short positions may increase in the following months as the Paulsons rescue plan may pull out the U.S. financial system from the crisis, while the Eurozones economy will be in recession. According to UBS investment bank, traders should sell euro against dollar as the Europes economy weakens. Germanys business confidence is currently showing the lowest level in the last 3 years. U.S. government will … “Euro May Fall against Dollar on Paulson’s Plan”
USD Fell as Rescue Plan May Include Rate Cut
The U.S. dollar dropped against three other major currencies for the first time in three days today after George W. Bush said that U.S. may enter a long and painful recession period if the necessary measures arent taken soon. Current macroeconomic indicators in combination with the Bushs speech suggest that the $700 billion rescue plan for the financial system may also include interest … “USD Fell as Rescue Plan May Include Rate Cut”
Korean Won and Other Asian Currencies Fall
The Asian currencies declined today against the U.S. dollar as the delay of the U.S. financial rescue plan may diminish the attractiveness of the risk-ridden regional currencies in conjunction with the economic output decline in Asia. The basket of the 10 major Asian currencies fell today after the yesterdays testimony of the Federal Reserve Chairman Ben Bernanke and the U.S. Treasury Secretary Henry Paulson before the Congress regarding the $700 billion plan. The Congress reaction to this plan isnt obvious and the debates about it may … “Korean Won and Other Asian Currencies Fall”
Yuan Reaches Post-Peg Peak Against Dollar
The Chinese yuan rose today to its new highest level against the dollar as the Forex traders reacted on the U.S. bank-rescue plan of dumping $700 billion into the economy that will hurt some important macroeconomic statistics and increase the supply of dollars. Yesterday dollar showed an exceptionally fast drop against the major currencies on the Forex market. In its reaction to this fall, Peoples Bank … “Yuan Reaches Post-Peg Peak Against Dollar”
$1 Trln. Bail-Out Plan May Cost Dollar Its Gain
Henry Paulsons plan to rescue the financial institutions tied with the illiquid mortgage assets will not only cost U.S. $1 trillion of tax-payers money, but it may also end the dollars rally that was rocking the Forex market since mid July. The plan will require about $700 billion to buy out the troubled assets from the banks and other financial institutions and also … “$1 Trln. Bail-Out Plan May Cost Dollar Its Gain”
Dollar Gains vs. Yen on Government Action
The U.S. dollar rose fastest in more than a month against the Japanese yen today after the financial markets soared stimulated by the joined effort of the U.S., Eurozones and Japans central banks. The dollar also gained against the European and British currencies after two days of falling. U.S. treasury Secretary Henry Paulson and Fed Chairman Ben Bernanke proposed yesterday to move the … “Dollar Gains vs. Yen on Government Action”
Yen Slides as Central Banks Act Jointly
The Japanese yen fell today against the other major currencies on Forex after the central bank of the developed countries said that they will act together to provide the necessary liquidity to the global financial system. The interbank borrowing cost of the U.S. dollar rose yesterday to the highest level since 1999. Federal Reserve European Central Bank and Bank of Japan joined … “Yen Slides as Central Banks Act Jointly”
Pound Falls vs. Euro After Jobless Report
The Great Britain pound fell against the euro, while being moderately up against the other major currencies, after the release of the BoEs minutes and the jobless claims report in the United Kingdom today. As the released minutes of the Bank of England last meeting showed, the interest rate was left unchanged at 5 percent because the inflation risk still weighted over the recession … “Pound Falls vs. Euro After Jobless Report”