The U.S. dollar began todays trading session with a rather strong decline against the euro, after posting a significant gain yesterday, as the investors expect the oil prices to surge on the Middle East conflict. The European currency is the best performer in the Forex market currently. It lacks the dependence on the oil, unlike the U.S. dollar; it also has the highest interest rate among … “Dollar Declines on Oil Shortage Expectations”
Month: December 2008
Dollar Falls on Fears That Recession Deepens
The U.S. dollar declined today against the other major currencies and especially against the euro as the traders expect weak macroeconomic reports to continue coming out from the United States, showing that the worlds biggest economy is in the worst situation of all the developed countries. The instability factor in the Middle East with the conflict raging between Israel and Hamas in the … “Dollar Falls on Fears That Recession Deepens”
Russiaâs Ruble Hits New Bottoms
The Russian ruble declined to the new record low level against the euro and the 2-year low against the U.S. dollar today as the countrys central bank allowed further depreciation of the ruble to stimulate the exporters. The Bank of Russia allowed the national currency to devalue by about 1 percent against the euro-dollar benchmark basket for the 11th time since November 11 today. The ruble fell about 1.3 percent against the euro and 1.1 against the U.S. dollar. The total loss against the dollar is 24.6 percent since … “Russiaâs Ruble Hits New Bottoms”
Uncertainty Rules, Yen Grows
The Japanese yen gained against its major currency counterparts on the global Forex market today as the stocks fell and the demand for the Japans currency rose. The last working day for the markets before the Christmas shows some elevated volatility compared to the last two days — the dollar is falling on the bad expectations for the macroeconomic reports. The yen … “Uncertainty Rules, Yen Grows”
Canadian Dollar Declines for Fourth Day
The Canadian dollar declined today against its U.S. counterpart for the fourth straight day as the oil prices continued to fall globally. Following the expiration of the January crude oil futures the price has briefly went up but then continued to decline as the traders expect that the demand will shrink faster than the OPEC cuts its real output. Canada isnt a member of OPEC but the oil constitutes about 10 percent of its exports. The Canadian dollar, … “Canadian Dollar Declines for Fourth Day”
Pound Down vs. Euro, Dollar, Yen
The British pound fell against the other major currencies today, most notably against the euro, as the market participant expect that the Bank of England will continue reducing the interest rates for the U.K. banks. Not only the expectations for the lower interest rates press on the pound, but also the commentaries by the monetary officials, stating that the … “Pound Down vs. Euro, Dollar, Yen”
Ecuador to Continue Using U.S. Dollar
The President of the Republic of Ecuador, Rafael Correa, said yesterday that the U.S. dollar will remain as the countrys main currency as the economic crisis offers harsh times for the Ecuadorian financial system. Since January 2000 Ecuador uses the U.S. dollar as the national currency as one of the means to enhance the economic situation in the country. The ongoing crisis adds pressure on the oil-exporting … “Ecuador to Continue Using U.S. Dollar”
Yen expected to dive following the Budget Proposal
The Japanese government revealed the new budget that is planned for the next fiscal year. It features an increase of 6.6% to 88.5 trillion Yen – about 990 billion dollars 0 the highest budget ever. This move contradicts the government’s long term effort to reduce the budget and to reach a balanced budget by 2011. … “Yen expected to dive following the Budget Proposal”
Japan Slashes Rates, Yen Grows
The yen advanced against all other major currencies today after the Bank of Japan announced a rate cut to a near-zero level and the investors ran from the risky assets into the Japanese and U.S. currencies. The Bank of Japan reduced the target overnight rate from 0.3 percent to 0.1 percent at its meeting on December 19 and said that it will use the additional liquidity to help … “Japan Slashes Rates, Yen Grows”
Yen Down on Intervention Concerns
The Japanese yen posted its first daily drop against the U.S. dollar after 5 days of gains as the Japans Finance Minister said that the currency intervention will be used if needed to keep the yen from the excessive appreciating. Finance Minister Shōichi Nakagawa said today that the Bank of Japan will use the currency intervention for the first time in the last four … “Yen Down on Intervention Concerns”