The Swedish krona lost against the euro and the dollar today after the nations central bank unexpectedly cut its benchmark interest rate and stated that the recession is deeper than predicted. The Swedish currency went down after a statement from Riksbank affirming that the current recession in the country requires broader measures to be halted, offering loans of 100 billion kronor ($13 billion) to domestic banks. The extreme majority of economists predicted the interest rates to remain unchanged, but … “Swedish Krona Down on Central Bank Surprise”
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China’s Confidence on Dollar Pushes Greenback Up
The U.S. dollar climbed today after a Chinese Foreign Ministry official stated that the believes in the stability of the greenback, and informed that he is unaware of discussions next week during the G8 meeting regarding eventual substitutes for the dollar as the world main reserve currency. The dollar hit yesterday a three-week low versus the euro after Reuters affirmed that China was discussing … “China’s Confidence on Dollar Pushes Greenback Up”
Polish Zloty Hits 6-Month High Against Euro
The Polish currency hit a six-month record versus the euro, after getting a World Bank loan to rescue the country from one of the most severe recessions among the European Union bloc members. After a World Bank statement today indicating that a $4.5 billion dollar loan was approved to the Polish government, the zloty rose more than 2 percent against the euro, as confidence rose among investors towards the future of the Polish economy. … “Polish Zloty Hits 6-Month High Against Euro”
Mexican Peso Rises on U.S. Manufacturing Numbers
The Mexican peso had a positive performance today as U.S. manufacturing shrank at a slower pace, adding confidence that the U.S. recession might be ending. In the United States, the Institute for Supply Managementâs factory index rose to 44.8, from 42.8 in May, reaching the highest level since August 2008, being still a negative figure, since levels below 50 are referred to contractions in manufacturing. Analysts suggest that improved data coming … “Mexican Peso Rises on U.S. Manufacturing Numbers”
Brazil’s Real Gains on Former Central Banker Comments
The Brazilian Real, which posted the best quarterly performance since it was introduced 15 years ago, is set to prolong its rally, as former central banker bets on the South American economy ability to rebound quickly, spurring demand for the national currency. Among the 16 most traded currencies on markets, the Brazilian real was the second best performing, gaining 19 percent against the U.S. dollar, losing only to the South African rand, which has gained 23 percent … “Brazil’s Real Gains on Former Central Banker Comments”
Yen Enter Second Week of Losses as China Fuels Risk Appetite
The yen declined to a two-week low against the euro and lost versus several other currencies as a report in China indicated an increase in manufacturing, helping investors to be confident to purchase high-yielding assets throughout the world. The Japanese yen had a very negative performance this Wednesday losing ground against all main 6 currencies traded globally, after China post the fourth manufacturing expansion in a row, suggesting that … “Yen Enter Second Week of Losses as China Fuels Risk Appetite”
Hungarian Forint Climbs on Tax Cuts
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”
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”