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”
Category: Forex news
Yen Falls for Second Day as Stocks Bloom
Today the yen fell for the second day in a row on Forex as the stock markets rallied and the traders looked for the more high-yielding assets, selling the Japanese currency for dollar and other risky currencies. Although, the U.S. dollar is also heading for the second weekly gain against the Japanese yen, JPY declined mostly against such carry trade … “Yen Falls for Second Day as Stocks Bloom”
FOMC Reduces Rate, Hopes for Better
The Federal Reserve lowered the federal funds rate from 2.25% to 2% today during the scheduled meeting of the Federal Open Market Committee, saying that the current measures may be enough to remove the risks. As the majority of the traders expected, FOMC reduced the interest rate for the U.S. financial market by 25 basis points and signaled that, although the current situation on the … “FOMC Reduces Rate, Hopes for Better”
Dollar Steady ahead of FOMC Meeting
The U.S. dollar continues to head for the first monthly gain against its European counterpart this year as the market participants await the FOMC rate decision and a statement that are scheduled for release today. According to the interest rate futures, Investors believe that the rate in U.S. will be lowered today by 25 basis points (from 2.25% to 2.00%), but the statement wont be dovish … “Dollar Steady ahead of FOMC Meeting”
Pound Rises against Euro, Dollar
The Great Britain pound continued its growth against the euro and the U.S. dollar today, even after the housing prices fell again and the chances fore more interest rate cuts by the Bank of England went up. After some bearish trend movements during the Asian Forex trading session, the pound gained to above the Fridays close rate against the other world currencies. Although, the bond rates grew up in the United Kingdom, the economic situation is now … “Pound Rises against Euro, Dollar”
Singapore Dollar Drops Large This Week
The Singapore currency had its worst week in a year on the Forex market, as it lost along with the other Asian currencies to the U.S. dollar, because the investors began to expect that the U.S. interest rate will unchanged rather than lowered next time. The U. S. dollar rose from its record low bottom against the euro this week and appreciated significantly … “Singapore Dollar Drops Large This Week”
Dollar Gains for 3rd Day on Fed Outlook
The U.S. dollar gained against the euro today on Forex market for a third day in a row, as the yesterdays U.S. fundamental data reassured traders that the Federal Reserve will keep the interest rate unchanged on its next week meeting. Dollar was also supported by its strong oversold position on the currency market. After reaching 1.6018 euro/dollar entered the the range where its rate … “Dollar Gains for 3rd Day on Fed Outlook”
Indian Rupee Falls on Demand for Dollar
The Indian rupee declined today to its monthly minimum level on the Forex market as the domestic companies had to purchase more U.S. dollars to pay for the imports, including oil. It was the second bearish day for the rupee, which is under pressure from the widening current account deficit (which is a great problem for another Asian currency South Korean won). Imported goods … “Indian Rupee Falls on Demand for Dollar”
Aussie Rallies on Q1 CPI Data
The Australian dollar reached a fresh 24-year high against the U.S. dollar today as the consumer prices in Australia soared above the markets expectations in March and are now pressing on the central bank to go for the further interest rate hikes. March CPI was reported at 4.2% (annual rate) highest inflation rate in more than 4 years. The market analysts expected a 4.0% growth rate. On the … “Aussie Rallies on Q1 CPI Data”
Dollar Sinks, EUR/USD Reaches 1.6011
Euro reached a new historical maximum against the U.S. dollar today after another European Central Bank official stated that the bank will be acting thoroughly in order to keep the consumer price inflation rate down. According to Christian Noyer, the ECB is not going to ease the monetary policy because of the strong inflation in Eurozone. And while some European countries vote for a weaker … “Dollar Sinks, EUR/USD Reaches 1.6011”