The South Korean won rose today against the U.S. dollar, after posting a largest drop in more than 10 years yesterday, as the financial markets showed growth in U.S. and Asia. The countrys central bank said that it will be working with the local banks directly to provide the needed foreign currency liquidity. Analysts believe that the Bank of Korea should guarantee the foreign debts … “Korean Won Recovers from Record Low”
Month: October 2008
Malaysian Ringgit at 21-Month Low
The Malaysian ringgit declined to the lowest level in more than 21 months today as the concerns about the global economy growth rose and the stock markets tumbled world-wide. This Asian currency fell yesterday and continued to weaken today after the U.S. retail sales were reported with a biggest drop in the last 3 years yesterday. U.S. and European stock markets posted large … “Malaysian Ringgit at 21-Month Low”
Australian Dollar Falls on Stock and Oil Drop
The Australian dollar fell today against the Japanese yen after the U.S. stocks failed to demonstrate Mondays growth and the Japanese Nikkei showed poor dynamics during the earlier Asian trading session. Despite the $3 trillion dollar liquidity injection planned by the global governments, equity and commodity markets fail to return to the stable growth. The concerns that the financial authorities are … “Australian Dollar Falls on Stock and Oil Drop”
Yen Loses Ground after European Bailouts
The Japanese currency fell for a third day today after the the investors gained more confidence that the governments of the developed countries will bailout the troubled banks and will pour out liquidity into the financial markets as needed. Australian Prime Minister Kevin Rudd said that the government will spend more than $7 billion to the households to support spendings and … “Yen Loses Ground after European Bailouts”
Bank Guarantees Help Euro to Rise
The European currency rose today at the highest rate in the last three weeks against the U.S. dollar after the European leaders pledged to guarantee bank borrowings. The euro rose with a pretty large gap from the Fridays close level against the U.S. currency and rose a little during the trading session itself. Euro declined against the pound, which was spurred … “Bank Guarantees Help Euro to Rise”
CAD Weakest since March 2007 on Oil Slump
The Canadian dollar fell to the weakest level against the U.S. dollar in more than 18 months after crude oil and commodity prices fell significantly on speculation that the global demand will decline. This week showed traders the fastest decline of the Canadian dollar against its U.S. counterpart — it lost more than 7.3 percent in three and a half days so far. Last week it depreciated … “CAD Weakest since March 2007 on Oil Slump”
Rupee Falls to Record Low on Rate Cuts
The Indian rupee fell to the new record low level versus the U.S. dollar today as the foreign investors pulled out capital out of the countrys markets amid deepening of the global financial crisis. The rupee has already dropped about 2.6 percent against the dollar this week. The countrys central bank cut the interest rate by 50 percentage points on Monday and additional 100 percentage points … “Rupee Falls to Record Low on Rate Cuts”
Yen’s Gains Reverse after Massive Rate Cut
The Japanese yen fell against other major currencies today after reaching record highs yesterday as the massive rate cut by the worlds major central banks inspired some confidence in the stock markets. The yen also declined versus its traditional carry trade counterparts — such as Australian and New Zealand dollars. Not like the carry trade began to attract the investors again, but … “Yen’s Gains Reverse after Massive Rate Cut”
Japanese Yen Breaks Past 100 per Dollar
The Japanese yen demonstrated a breakthrough growth against almost all major currencies today as the stocks tumbled globally and traders sought the «safe haven» assets. The yen broke through the 100 per U.S. dollar mark for the first time since April this year. The yen also rose significantly against the euro and the pound today. It reached the lowest … “Japanese Yen Breaks Past 100 per Dollar”
Australian Dollar Rebounds after Rate Cut
The Australian dollar got boosted by the central banks decision to cut the interest rate by 1 percentage point today and recovered against the other major currencies during the Asian trading session. Not only the rate cut didnt act as the usual negative factor for the currencys valuation, but it also helped the Aussie (a nickname for the Australian dollar) to go up from the record-low values against … “Australian Dollar Rebounds after Rate Cut”