The Russian central bank widened the trading band for the ruble today as the Russias main exports — crude oil and metals continued to depreciate on the global markets. The Bank of Russia allowed the ruble to depreciate by 30 kopecks today at the beginning of the currency trading session. It was the fourth time since November 11 when the central bank allowed the ruble to decline against benchmark currency basket, which consists of 45% euro and 55% U.S. dollar. The Urals crude oil, which is Russias main export commodity, … “Russian Ruble Near 3-Year Low vs. Dollar”
Author: admin_mm
Swedish Krona Near 5-Year Low on Rate Cut
The Swedish krona advanced its yearly low levels against the U.S. dollar today as the countrys central bank surprised the market participants with the biggest rate cut in the last 16 years to prevent the economy from contracting. The official repo rate was reduced from 3.75 percent to 2 percent by 175 basis points today. It exceeded the traders expectations that were aimed on 1 percent cut. The Riksbank … “Swedish Krona Near 5-Year Low on Rate Cut”
Euro Near Weekly Lows before Rate Decision
The euro declined today against the U.S. dollar, almost snapping the yesterdays gain, as the traders expect the weak data on the Eurozone retail sales after PMI shrank in the leading Eurozone economies. The European currency came close to the lowest level in the last two weeks against the dollar and the lowest in the month against the yen. As the macroeconomic indicators … “Euro Near Weekly Lows before Rate Decision”
Pound Loses for Third Day Despite Correction
The U.K. pound continued to fall against the U.S. dollar and the Japanese yen today, despite the correction seen in some other dollar- and yen-based currency pairs, as the traders expect a major rate cut by the Bank of England. Traders bet that the Bank of England will have to cut the interest rate by 100 basis points down to 2.00 percent on December 4th to protect economy from … “Pound Loses for Third Day Despite Correction”
Chinese Yuan Depreciates to July’s Levels
The Chinese yuan fell to the weakest level since August today as the countrys government continued to manipulate its currency before the scheduled meeting with the U. S. Treasury Secretary. The reference rate, set by the Peoples Bank of China, allows 0.5 percent deviation in the either side during the daily yuan trading session. Today the rate was set to the lowest level since August 2008 and the … “Chinese Yuan Depreciates to July’s Levels”
Dollar to Post Weekly Decline against Euro
The measures proposed by the U.S. government to support the national financial system and the optimism that followed the announcement of Obamas economic team caused the U.S. dollar to decline against the euro this week as the money risks decreased world-wide. The U. S. dollar is currently heading for the second negative week against the euro and the British pound and for … “Dollar to Post Weekly Decline against Euro”
Thai Baht Declines on Political and Civil Crisis
The Thai baht continued its decline against the U.S. dollar today and touched its lowest level in the last 21 months as the political protests and the civil unrest raged through the country. The political turmoil in the country is caused by the demands of the opposition and the military leaders for the current Prime Minister Somchai Wongsawat to resign. He still rejects these … “Thai Baht Declines on Political and Civil Crisis”
British Pound Declines before GDP Report
The British pound fell today against the U.S. dollar and the yen, following the three days of growth, as the traders expect the GDP report to confirm a decline of the economy today. The traders expected that the todays Q3 GDP report will confirm the 0.5 percent decline seen in the advance report a month ago. The report will be released today at 9:30 GMT. Although it wont mean a recession … “British Pound Declines before GDP Report”
Yen Gains after Two Days of Losses
The Japanese yen rose today against the major currencies after losing for two days as the U.S. macroeconomic reports will show the worsening of the crisis, according to the analysts expectations, and the investors will cut the amount of assets funded in the Japanese currency. The yen experienced one of the worst days yesterday as the stocks surged in U.S. on the revealing of the … “Yen Gains after Two Days of Losses”
Korean Won Close to Decade Low Again
The South Korean won continued its decline against the U.S. dollar today despite the other Asian stocks rebound caused by the U.S. governments intentions to bail-outCitigroup. The won almost renewed its decade low level, set on November 20th, and extended its monthly drop against the greenback today. The currency lost 38 percent this year and is currently the worst-performing one among the 16 most-traded world currencies. There are speculations on the equity and Forex market that … “Korean Won Close to Decade Low Again”