The European currency fell to the lowest level in the last two years against the Japanese yen and the weakest level in more than 13 months against the U.S. dollar today as the credit crisis urged Eurozones governments to pledge a help to the troubled financial institutions. The euro declined against the U.S. dollar for the sixth day in a row today after opening with a considerable … “Euro at 2-Year Low on Europe’s Credit Crunch”
Month: October 2008
USD Demand Triggers Biggest Weekly Gain
The U.S. dollar showed the biggest weekly gain ever against the euro on the Forex market this week as the global demand for dollar liquidity kept the greenback up despite the strong negative factors. During the last day of trading, the U.S. dollar continued its growth against the euro, while erasing a part of the early gains against the Great Britain … “USD Demand Triggers Biggest Weekly Gain”
Australian Dollar Has Worst Week Since 1985
The Australian dollar posted the biggest weekly loss since 1985 against the U.S. dollar this week, as the traders dumped their positions in the high interest rate currencies, while the situation with the global financial system remained uncertain. The reduction of the carry trade positions (trade technique that is based on gaining positive interest rate difference through the holding of a long position … “Australian Dollar Has Worst Week Since 1985”
Rating Downgrades Drop Icelandic Krona
The Icelandic krona declined to the lowest level in almost seven years against the U.S. dollar yesterday after the rating downgrades by S&P and Fitch rating agencies raised the risk-averting mood among the investors. The drop in this national currency reached more than 17 percent this week after the central bank pledged to nationalize the century-old Glitnir Bank as it failed to pay by its short-term … “Rating Downgrades Drop Icelandic Krona”
Taiwan Dollar Rose on Bail-Out Expectations
The Taiwanese dollar gained today after four days of declining against the U.S. dollar as the speculations that the U.S. senate will approve the $700 billion bail-out plan by the end of this week spurred confidence in the Asian currencies. The Taiwans currency rose from the 8-month bottom versus its American counterpart with the whole third quarter of 2008 being the worst for TWD … “Taiwan Dollar Rose on Bail-Out Expectations”