The Japanese yen rose to the new monthly and yearly maximum against the other major currencies traded on Forex today as the situation with the financial crisis worsened significantly through the weekend and Monday and the traders expect no improvement in the near future. The carry trade counterparts of the yen suffered the most during the last two trading days — both … “Yen Rises for Second Day on Credit Losses”
Month: September 2008
Pound Rises vs. Dollar on Rate Cut Bets
The British pound rose today against the U.S. dollar as the traders started to bet on the interest rate cut in the United States based on the recent catastrophic developments in the countrys financial sector. Although many currencies opened this week with a huge positive gap against the dollar, pound remains one of the few that still hover above the open rate and show … “Pound Rises vs. Dollar on Rate Cut Bets”
Buy AUD for NZD Can be Next Big Trade Idea
The Australian currency may experience considerable gains against the New Zealand dollar soon as the New Zealands central bank showed commitment to the extreme rate cutting in the fear of recession, while Australian central bank may refrain from changing the rate for now. Over the next year, New Zealands interest rate may decline by as much as 1.28 percent according to the traders futures betting. Meanwhile, … “Buy AUD for NZD Can be Next Big Trade Idea”
Dollar Breaks Psychological Resistance
The U.S. dollar continued to grow today for the fourth day against the euro on speculation that the problems are more serious for the European economy than for the United States, thus the rate differential may switch to the dollars favor. The dollar broke down the significant support level of the EUR/USD currency pair at 1.4000. Market analysts await very disappointing … “Dollar Breaks Psychological Resistance”
Chinese Yuan May Slowdown on Lower CPI
The Chinese yuan traded almost unchanged in price against the U.S. dollar today after posting a significant gain yesterday on speculations that the central bank will reduce the currencys appreciation rate as the inflation returns to its normal values. Yuan is the best performing currency in the Asian region this year. It managed to gain 4.2 percent in the first quarter of 2008 and another 2.3 percent in second quarter. Meanwhile … “Chinese Yuan May Slowdown on Lower CPI”
Yen Continues Rising as Global Markets Fail
The Japanese yen continued to grow against the major currencies today as the early stock market trading shows no sign of the optimism that was expected from the Freddie Mac and Fannie Mae bailout. Yen is the preferred currency when the stock sell-offs occur and the accompanying carry trades close out. The Japanese currency traded near the two-year highs against … “Yen Continues Rising as Global Markets Fail”
Pound May Fall 20% More before 2009
The Great Britain pound returned to its declining trend today even after the big positive opening gap this week. Analysts believe that this year may become the pounds worst since 1992. Traders bet that the British currency may continue its sharp decline this year and lose 20 percent more against the U.S. dollar. The pound has already lost … “Pound May Fall 20% More before 2009”
Yen Gains This Week on Global Stock Decline
The Japanese yen showed a record fast growth against the major currencies this week as the stock markets declined worldwide and investors favored the low-risk assets in Japan, spurring the currency conversion process. Japanese currencies grew on the speculation that the weak economic indicators in U.S. and the crisis of the financial institutions may cause a global recession. Both Australian and New … “Yen Gains This Week on Global Stock Decline”
Dollar Grows as Hurricane Gustav Weakens
The U.S. dollar rose today to its new maximum level in almost seven months against the euro as the crude oil prices declined after it became obvious that the hurricane Gustav wont be causing significant damage to the American oil industry. The dollar also advanced to the highest position against the Great Britain pound in more than two years today as it rallied on the Forex market. … “Dollar Grows as Hurricane Gustav Weakens”