The Japanese yen gained versus the dollar, the euro and the pound today after the traders saw the signals of more troubles in the global financial system as the Bank of Japan cut the interest rate. The Bank of Japan cut the rate by 20 basis points today — lowering it from 0.5 percent to 0.3 percent, with three of the eight board members voting for reducing the … “Yen Gains as Rate Cut Indicate Problems”
Month: October 2008
Australian Dollar Rises for the Third Day
The Australian dollar rose against the U.S. dollar and the Japanese yen for the third day today after the rate cut in U.S. and a moderate decline in the global risk-aversion. The Aussie gained against the U.S. dollar after the Federal Reserve reduced the interest rate by 50 basis points to 1 percent. Chinas central bank cut the one-year lending rate from 6.93 percent … “Australian Dollar Rises for the Third Day”
Dollar Uncertain Before Interest Rate Decision
The U.S. dollar traded with an alternate success against the other major currencies as the investors are uncertain before the Feds interest rate meeting today and the state of the global financial system. After a strong growth on the U.S. stock markets yesterday and the second day of a reasonably fast advancement of the Asian stock markets, the investors are unsure whether to continue dumping … “Dollar Uncertain Before Interest Rate Decision”
Yen Snaps Earnings amidst Intervention Talks
The Japanese yen posted the first daily decline against the euro and the pound and the second against the U.S. dollar as the Asian stock markets rebounded and the intervention talks arose in Japan. The extremely fast growth of the yen for almost 6 days set up the speculations that the Japanese central bank may use a currency interventions to support the … “Yen Snaps Earnings amidst Intervention Talks”
Won Falls After Unexpected Rate Cut by BoK
The South Korean won continued its decline against the U.S. dollar after the Bank of Korea unexpectedly cut the interest rates by the record value of 75 basis points today, struggling against the worst crisis since 1998 Asian financial crash. The Bank of Korea lowered the countrys benchmark rate from 5 percent to 4.25 percent at an emergency meeting today after cutting the rate by 25 basis points on October … “Won Falls After Unexpected Rate Cut by BoK”
Yen at 13-Year High vs. Dollar on Higher Risks
The Japanese yen rose up to the 13-year high versus the U.S. dollar and the new long-term maximums against the other major Forex currencies today as the high risk carry trades were shunned by the traders. The yen also climbed to the highest level against the euro in last 6 years as the probability of the recession in the Eurozone countries rose significantly. The spread … “Yen at 13-Year High vs. Dollar on Higher Risks”
Rupee Declines More as Stocks Tumble
The Indian rupee continued to fall against the U.S. dollar and the Japanese yen today as the Asian stock markets fell again, spurring the outflow of the capital from the emerging markets. The Indias central bank allowed the domestic companies to attract more foreign loans yesterday, lifting the limit imposed last year to cool down the financial markets. That effort failed … “Rupee Declines More as Stocks Tumble”
Pound Slides on King’s Recession Outlook
The Great Britain pound dropped to the lowest rates in several years against the dollar and the yen and the weekly low against the euro today after the BoE Governor Mervyn King said that the recession is very likely due to the worst banking crisis since World War I. The pound fell to the lowest level since September 2003 against the U.S. dollar … “Pound Slides on King’s Recession Outlook”
Dollar Strengthens after Stimulus Proposal
The U.S. dollar rose today against other major currencies, except the yen, after the Federal Reserve Chairman Ben Bernanke proposed further measures to provide more liquidity and credit confidence to the U.S. economy. Although the counter-crisis measures are taken by the various countries with the developed economies, but the most-benefiting currencies are the dollar and the Japanese yen, … “Dollar Strengthens after Stimulus Proposal”
Japanese Yen Falls after Bank Rescues
The Japanese yen fell today against the high-yielding currencies (including the Forex majors) after the bank-rescuing measures of the various global central banks helped to cut the inter-bank money-market interest rates. The South Koreas measures to provide $100 billion guarantee on the domestic money market helped to ease the debts of the financial companies in the Asian region. The support of the liquidity offer from … “Japanese Yen Falls after Bank Rescues”