The Chinese yuan ended the domestic OTC trading session today below 7 yuan per U.S. dollar level for the first time since the end of the peg to dollar in 2005. After USD/CNY closed at 7.0016 yesterday, the exchange rate of the Chinese currency went up today and traded in the 6.9930-6.9907 boundaries on the OTC Forex market. Since November 2007, Chinas government is working to appreciate the yuan … “Chinese Yuan Closes Below 7 per Dollar”
Category: Forex news
BoE Cuts Rate, ECB Holds again
Both Bank of England and the European Central Bank acted as expected today during their monetary policy meetings BoE cut the interest rate to 5.00% and ECB left them unchanged at 4.00%. Facing the problems in the housing and the financial sectors of the economy, the Bank of England, decided to lower the interest rate from 5.25% to 5.00% today. Relatively low inflation allows them to use the interest rate cuts as the main tool to stimulate the economic growth. The European … “BoE Cuts Rate, ECB Holds again”
Yen Steady on Forex after Rates Unchanged
The Japanese yen is holding steady on the Forex market today after interest rate was left unchanged at 0.5% and the stock markets fell slightly. The new head of the Bank of Japan, Masaaki Shirakawa, didnt bring any surprises to the first monetary policy under his lead. Although he noted that there are problems in the economy that are keeping down the growth, the … “Yen Steady on Forex after Rates Unchanged”
Pound Slides as House Prices Fall 2.5%
The Great Britain pound fell sharply today against dollar, euro and yen as the house prices fell in March by 2.5%, indicating that the countrys mortgage market slump is not over yet. Halifax House Price Index a housing report of HBOSplc showed a 2.5% decline in prices for March with the annual growth (March 2008 to March 2007) at as little as 1.1%, significantly below the overall CPI level in the United Kingdom (2.5%). HBOSplc expects that there … “Pound Slides as House Prices Fall 2.5%”
ZAR Gains on Rising National Reserves
The South African rand grew today against the U.S. dollar (and the other world currencies too, because dollar is rising today) as the report showed an increase in the countrys foreign currency reserves in March. Its worthy to say that the rand usually fluctuates in a linear dependence to the U.S. dollar it rises sharper than dollar, but when dollar is bearish rand is falling even faster. So, this day … “ZAR Gains on Rising National Reserves”
Dollar Aimed for Weekly Gain over Yen
The U.S. dollar is heading for the fastest weekly gain in more than four years versus the Japanese yen as the financial markets get a feeling of relief from the crisis. Yen was a favorite safe haven currency since the beginning of the financial crisis in U.S. and the global stock market slump. The low yields and the high security of the Japanese bonds … “Dollar Aimed for Weekly Gain over Yen”
Canadian Dollar Continues Appreciation
The Canadian dollar continued its two-day growth against the U.S. dollar and the Japanese yen today, as the commodity markets showed that are still able to grow. Canadas dollar touched the two-month low against the U.S. dollar on Tuesday, but started to recover quickly after that and finished every day of the current month with a moderate gain. Rising commodities pices boosted … “Canadian Dollar Continues Appreciation”
Dollar Stops Its 2 Days Growth
The U.S. dollar stopped its 2 days growth period and started to go bearish against other currencies today after the Asian trading session ended. Investors attention turned to the Fed chairman Ben Bernankes testimony before the U. S. Congress that is scheduled for today. Dollar continued its growth against the euro and the Japanese yen during the Asian trading session, but halted it and … “Dollar Stops Its 2 Days Growth”
UAE Studying Dirham’s Peg to Dollar
The United Arab Emirates government has established a new committee, which purpose is to study the possibility of scrapping the dirhams peg to the U.S. dollar and the reasons to maintain this peg. According to the prime minister Sheikh Mohammed Bin Rashid Al-Maktoum, the study will focus on the benefits of staying with the peg or not. And the results of the study will be reported to prime minister. … “UAE Studying Dirham’s Peg to Dollar”
Pound at New All-Time Low vs. Euro
The currency of the United Europe reached a new record high level against the British pound today as the estimate for the consumer inflation in Eurozone rose unexpectedly in March. As it was reported by Eurostat today, the CPI growth in Euro area is now estimated to be at 3.5% for March, after a 3.3% growth on the price index in February. ECB targets annual inflation at 2%. Taking in attention such a rapid … “Pound at New All-Time Low vs. Euro”