The Canadian dollar declined against the U.S. dollar for the second week in a row as the oil and commodities prices continued to drop on the worsening global economy outlook. The Bank of Canada Commodity Price Index dropped to 181.63 this week — its lowest level since 2005, while oil prices dropped below $50. Commodity exports are very important for the Canadian economy as they … “Canadian Dollar Slid This Week as Oil Declined”
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Malaysian Ringgit Falls with Emerging Markets
The Malaysian ringgit declined slightly today and also posted its third weekly drop against the dollar this week as the emerging stock markets and currencies lived through one of the worst week with the oil, commodities and exports prices falling on the global recession outlook. The ringgit hit its two-year low against the dollar today after the Asian … “Malaysian Ringgit Falls with Emerging Markets”
How Low can Interest Rates Go?
The Federal Reserve has already lowered the interest rate to 1%. This is the lowest ever interest rate. Bernanke is following the footsteps of his predecessor, Greenspan, in an effort to stimulate the economy. In the current global crisis, which is definitely the biggest since the great depression, these low interest rates don’t seem to … “How Low can Interest Rates Go?”
Indian Rupee Falls to Record Low
The Indian rupee fell to the record low level against the U.S. dollar today as the Asian stock markets followed the path of the U.S. equities and declined strongly; the recession forecasts for 2008 and the first half of 2009 also played their role. Dropping more than 1.2 percent today, the Indian currency followed the decline in the local benchmark stock market index, … “Indian Rupee Falls to Record Low”
KRW Reaches Decade Low on Stock Slump
The Korean won reached the lowest level against the U.S. dollar since 1998 today as the countrys stock market fell for the eight day in a row and the foreign investors continued to pull-out the funds. Despite the measures taken by the South Korean government to stimulate the economy and the stock markets, both the currency and the equities continue to decline and show … “KRW Reaches Decade Low on Stock Slump”
Yen Gains After Two Days of Decline
The Japanese yen rose slightly today after losing for the two days on the currency trading market as the U.S. bail-out plans failed to raise the confidence in the high-yielding assets, favoring the yen as the safe-haven currency. Investors has hoped that the part of the $700 billion plan proposed by the U.S. Treasury Secretary Henry Paulson would go to the car manufacturers (GM, Ford … “Yen Gains After Two Days of Decline”
Singapore Choose to Depreciate Its Currency
Singapore dollar declined for the sixth day against they U.S. dollar today as the countrys monetary authorities will probably use the weak national currency as a stimulus for the export-producing economy. All major worlds central banks reduced their target interest rates earlier to fight the financial crisis. The Monetary Authority of Singapore may devalue SGD against the basket of foreign currencies in order to revive … “Singapore Choose to Depreciate Its Currency”
Japan Enters Recession, Yen Tumbles
The Japanese yen declined against the other currencies today after opening with a positive weekly gap as the worlds third largest economy contracted for the two consecutive quarters according to the Japans government. The Gross domestic product (GDP) decreased 0.1 percent in the third quarter of 2008 according to the preliminary report by Japans Economic and Social Research Institute. This contraction followed 0.9 percent decline of GDP in the second … “Japan Enters Recession, Yen Tumbles”
Yen Gains after One Corrective Session
The Japanese yen rose against the U.S. dollar, the euro and the pound today after posting a huge loss yesterday and the traders reviewed their outlook of the global recession process. The Group of 20 nations summit is starting today at Washington, U.S. It will try to come up with the decision aimed toward the global financial crisis and protecting the nations from the … “Yen Gains after One Corrective Session”
Pound Stops Below $1.5 as Recession Blooms
The Great Britain pound continued to trade below the psychologically and technically important level of $1.5 per pound for the second day today as the recession continued to show up at its worst in Europe and the U.S. rescue plans changed. The pound went down below the $1.5 rate yesterday — for the first time since June 2002. It now continues to trade below that level, but … “Pound Stops Below $1.5 as Recession Blooms”