The U.S. dollar extended its gain against other major currencies on Forex today as the investors expect higher April CPI figures from the report that will be released today at 12:30 GMT. Dollar is now growing for a second day after the weak fundamental indicators were ignored yesterday and the traders reacted on the elevated export and import prices growth. Market participants expect … “Dollar Extends Gain on CPI Expectations”
Author: admin_mm
Dollar Will Lose 11% to Yuan in 2008
According to the research paper, released by United Overseas Bank Ltd., the yuan has a strong chance to appreciate further this year to the total of 11 percent gain against the U.S. dollar in 2008. The Chinese currency has rose 4.3 percent up this year already, as the government used yuan to fight the accelerating inflation. Suan Teck Kin of United Overseas Bank confirmed in an interview today the statement … “Dollar Will Lose 11% to Yuan in 2008”
British Pound Grows on April PPI Report
The Great Britain pound rose today against the U.S. dollar and the euro, partially recovering its losses from the last week, as the record high PPI growth added confidence that the Bank of England will not lower interest rates next time. The prices for the British long-term securities declined today, while their yields increased, showing a higher inflation … “British Pound Grows on April PPI Report”
Korean Won at Lowest since 2005
The South Korean won declined to its lowest level since November 2005, as the countrys central bank said that the weaker currency will be helping against the economic stagnation. The Bank of Korea decided to leave the interest rate unchanged at 5 percent points today as the inflation prevented using monetary policy easing to decrease the money cost and bust spending. This decision helped the … “Korean Won at Lowest since 2005”
Dollar Rose on Hoenig’s Hawkish Comments
The U.S. dollar rose today during the late Asian Forex trading session, as the traders reacted on the hawkish commentary by the Federal Reserve Bank of Kansas City President Thomas Hoenig. Hoenig said that if the inflation pressures strengthen in U.S., Federal Reserve will probably increase the interest rates. According to him, the U.S. economy will recover from the current crisis later … “Dollar Rose on Hoenig’s Hawkish Comments”
AUD Stops Growth after RBA Statement
The Australian dollar stopped growing on the Forex market today after the Reserve Bank of Australia mentioned economical growth moderation in its monetary policy statement. The RBA kept its 12-year high interest rates unchanged at 7.25 percent points today during the scheduled monetary policy meeting ruled by Glenn Stevens. The Aussie has reached its 24-year record high level against the U.S. … “AUD Stops Growth after RBA Statement”
Bank of America Confident on INR Growth
The Indian rupee is going to grow in the coming months as the central bank will probably rise the interest rate and will allow currencys appreciation according to Bank of America strategist. This is not very popular scenario among the currency market analysts, but Bank of America and some other investment institutions think that the rupee will rise more than 9% by the years end and the … “Bank of America Confident on INR Growth”
Euro Rose on Support of ECB Rates
The euro rose today during the early Forex trading session, as the European politicians changed their mind on the ECB interest rate policy and traders became more confident that Jean-Claude Trichet wont reduce the rates this week. The ECB used its every recent statement to convince the market participants that the inflation is a banks primary concern and that it wont go for lower rates … “Euro Rose on Support of ECB Rates”
Japan, South Korea and China to Create Foreign Reserve Pool
According to the Finance Minister of Japan, Fukushiro Nukaga, Japan, South Korea and China are in the process of creating the mutual pool of $80 billion foreign currency reserves in order to protect the Asian financial markets in case of a speculative attacks. Other Asian countries will also participate in this fund, but the major part (around 80%) will be contributed by Japan, South Korea and China. While the … “Japan, South Korea and China to Create Foreign Reserve Pool”
Kuwait: GCC to Abandon Dollar
Kuwaiti Finance Minister has said that the Gulf Cooperation Council countries, U.A.E., Qatar and Bahrain specifically, are planning to scrap their currencies peg to dollar soon. Mustafa Al Shimali is confident that other Middle Eastern countries will be doing what Kuwait has done in May 2007. Recently financial officials from the United Arab Emirates stated that depegging is not in the countrys interest, while … “Kuwait: GCC to Abandon Dollar”