The Chinese yuan is currently heading for its fourth weekly decline against the U.S. dollar for the first time since the end of the peg to dollar in 2005. The currency dropped just little more than 0.1 percent this week adding to a total of more than 0.7 percent in a losing streak lasting from July 18. The Chinese government is probably cooling down yuans appreciation to support the exports … “China’s Yuan Heads for 4th Weekly Loss”
Category: Forex news
Pound at New Record Low in Almost 2 Years
The Great Britain pound rose today against the U.S. dollar for the first time in the last 10 days after reaching a new bottom level since the mid October 2006. The expectations that the Bank of England will cut the interest rate at it next meeting rose after BoE reduced its economic growth forecast. Pound managed to lose more than 7.6 percent during … “Pound at New Record Low in Almost 2 Years”
Poland Needs to Adopt Euro More Urgently
According to Regional Development Minister of Poland Elzbieta Bienkowska, euro should be adopted as soon as possible because zlotys appreciation partially eliminates the value of the financial aid made by European Union and which is denominated in euro. There is also a concern about the damage to the economic growth that may be caused by the rapidly strengthening national currency. Bienkowska urged countrys financial authorities to accelerate the euro adoption process: Looking … “Poland Needs to Adopt Euro More Urgently”
Aussie and Kiwi Continue Bearish Trend
Both Australian and New Zealand currencies continued to fall against the U.S. dollar today as the traders confidence that the central banks of those countries will cut interest rates soon rose and the dollar continued its growth against euro, pound and yen. The Australian dollar (also known by its nickname Aussie) has already lost more than 11.3 percent since it reached … “Aussie and Kiwi Continue Bearish Trend”
Recent Dollar Gain May Mean Big Drop Soon
The recent fast growth of the U.S. dollar against the euro doesnt mean that its out of the long-term bearish trend. Slowing economy and the risk of rate cuts even with a rising inflation are still weighing down on dollar. Since the beginning of August the dollar surged 4 percent against the Eurozone currency. This was enough for many large investing banks to advice their … “Recent Dollar Gain May Mean Big Drop Soon”
Euro Drops to 5-Month Low on Rate Outlook
The euro fell to its five-month lowest level against the U.S. dollar as the investors traded on the high probability that the ECB wont be raising interest rate as the economy is slowing. The euro also declined against the Japanese yen, falling to its 3-week low against this currency. Yesterday European Central Bank President Jean-Claude Trichet said that the Eurozone economy will be particularly … “Euro Drops to 5-Month Low on Rate Outlook”
Yuan Falls as China to Control Money Inflow
The Chinese yuan fell against the U.S. dollar for the third day this week as the government tightened control over the illegal capital inflow into the countrys financial system. The demand for the local currency may decline as the new rules give market regulators a greater authority in the payments investigations. Peoples Bank of China kept yuan almost unchanged to the U.S. dollar … “Yuan Falls as China to Control Money Inflow”
Euro Grows, ECB May Signal Inflation Risk
The euro rose today against the U.S. dollar and other major currencies on Forex after a quite deep decline that was observed yesterday, as the traders expect ECB President Jean-Claude Trichet to signal uprising inflation risks on the next meeting of the Governing Council. According to the Bloomberg survey of the currency analysts European Central Bank will keep the key interest rate at 4.25 percent … “Euro Grows, ECB May Signal Inflation Risk”
Aussie Falls on RBA Rate Cut Signals
The Australian dollar declined to its lowest value against the U.S. dollar since July today after the central bank statement said that lower inflation may allow interest rate cuts in the future. The Australian currency (which is also known by its nickname Aussie) fell for a sixth day in a row against its U.S. counterpart as the Reserve Bank of Australia released its statement … “Aussie Falls on RBA Rate Cut Signals”
CAD Loses on U.S. Economy Slowdown
The Canadian dollar continued its strong bearish trend today against the U.S. dollar as the currency traders began to realize that the commodity prices wont hold up if the worlds biggest economy will continue to cool down. Market participants predict 17 percent drop for the Canadian dollar (also called loonie) against its U.S. counterpart by the end of 2009. In 2007 the USD/CAD declined 17 percent, breaking the … “CAD Loses on U.S. Economy Slowdown”