The Hungarian forint, which suffered severe losses as its country plunged in one of the deepest recessions among the European Union member nations, reached a six-month high after the Hungarian tax system will change in order to stimulate the countrys agonizing economy. The Hungarian currency hit its highest level since January 8, after lawmakers approved tax cuts as an attempt to rescue the nations weakening economy, spurring … “Hungarian Forint Climbs on Tax Cuts”
Month: June 2009
Pound Hits 8-Month High Against Dollar on Improved Economic Data
The British currency, which was failing to climb versus its main rivals, the euro and the dollar, posted significant gains in the beginning of this week as improved economic data emerged in the latest British reports. The pound hit a eight-month high level against the greenback after a Nationwide Building Society report indicated a rise in house prices combined with another report showing improved … “Pound Hits 8-Month High Against Dollar on Improved Economic Data”
Australian Dollar Down After Chinese Comments
The Australian dollar, often referred as the Aussie, fell for the first time in 5 days against the U.S. dollar and other currencies after Chinas comments indicating that the greenback will continue to be the main world reserve currency, damping demand for the Australian dollar high-yielding profile. The Australian dollar had a significant rally last week pushed by a risk aversion decrease, several positive … “Australian Dollar Down After Chinese Comments”
Dollar Climbs as China Confirms Its Global Reserve Currency Status
The dollar started this weeks session rallying against several main currencies after China stated that it may continue to be used as a main reserve currency, and that the Asian nation wont change its foreign currency reserves suddenly. Guan Tao, deputy head of the international payment department at the Chinese State Administration of Foreign Exchange, wrote in Chinamoney magazine that the U.S. currency will remain as the … “Dollar Climbs as China Confirms Its Global Reserve Currency Status”
Dollar Declines on China Alternative Reseve Currency Demand
The Dollar ended the week losing against several major currencies after China declared this Friday that a supranational currency should be created for regulating international trade, damping demand for the greenback, which is currently the world main reserve currency. The euro posted the sharpest gains against the U.S. currency after Peoples Bank of China stated that the International Monetary Fund … “Dollar Declines on China Alternative Reseve Currency Demand”
SNB Intervention – Shortlived Indeed
The SNB intervened in the forex market to weaken the Swiss Franc. Though still above the levels before the intervention, USD/CHF has lost its hot air, and is now trading lower. A lesson about central bank interventions. On Wednesday, the Swiss National Bank intervened in the forex market in order to weaken the Swissy. Switzerland’s … “SNB Intervention – Shortlived Indeed”
Pound Rebounds as Risk Appetite Drive Investors to British Assets
The British pound had a day of gains versus the euro and the dollar as a new wave of risk appetite struck markets today, influencing investors to purchase assets in British stocks, weighing positively on the national currency. Todays gains trimmed the pound losses against the euro this week, in the first negative seven-day period in almost two months, as the FTSE 100 Index climbed 1.3 percent, in a wave of optimism … “Pound Rebounds as Risk Appetite Drive Investors to British Assets”
Dollar Drops on Interest Rate Outlook
The U.S. dollar had a weak performance today losing against most of the major traded currencies, as stocks rose for a third day, mainly in Asia, damping demand for the greenback. The U.S. currency lost today against 14 of the 16 main currencies, after Dallas Federal Reserve Governor Richard Fisher is likely to include in the next central bank statement that interest rates in the United States will … “Dollar Drops on Interest Rate Outlook”
Yen Slides on Fed Optimistic Tone
The Japanese currency, often associated with risk aversion by traders due to its relative safety, declined against all major currencies after the Federal Reserve confirmed signs of economic recovery in the American economy. All currencies gained against the yen this Thursday as the Japanese government stated that national investors bought more assets than sold for the seventh week in a row, adding … “Yen Slides on Fed Optimistic Tone”
Brazilian Real Climbs on Massive IPO Speculation
The Brazilian currency rebounded its previous week losses posting two days of significant gains versus main currencies before a massive IPO in the nations stock exchange, which is likely to attract a great influx of foreign capital to the countrys financial system. The real had a poor performance in the beginning in the week as world equities markets slid due to a sudden rise in risk aversion after a World Bank report indicating that the global slump may be deeper than … “Brazilian Real Climbs on Massive IPO Speculation”