Forex Reserves at Record $1.01 trln in Japan

Japanese foreign exchange reserves rose to a new absolute maximum value last month  almost $1.01 trillion. A $11.9 billion change is attributed to the growth of the euro against the dollar, which was significant in February. Reported by the Ministry of Finance Japan country’s reserves remain among the highest in the world  only China possesses bigger foreign exchange reserves in their U.S. dollar value. February’s gain was a second straight record setting for Japan’s reserves this year after a gain … “Forex Reserves at Record $1.01 trln in Japan”

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U.S. Dollar Declines Ahead of ECB, BoE Meetings

The U.S. dollar continued its weekly decline today, as the market participants awaited the results of the European Central Bank and the Bank of England monetary meetings. The yield difference between the short-term European bonds and the U. S. Treasuries are at its widest value in 15 years. This fact forces more investors to convert dollar to euro in order to buy the more yielding assets. The analysts expect that the ECB will keep the rates unchanged today at 4.00%  the 5-year high … “U.S. Dollar Declines Ahead of ECB, BoE Meetings”

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Pound at All Time Low against Euro

The Great Britain pound fell to its lowest historical value against the euro today after the pessimistic economic news were released in UK. Pound also lowered against other major currencies today. Two major news releases came out today in UK  consumer confidence and new permanent jobs. The labor market in February was declining according to the KPMG and the Recruitment and Employment Confederation. They reported that the number of the new workers … “Pound at All Time Low against Euro”

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Australian Benchmark Rate Set to 7.25%

The Reserve Bank of Australia increased the national benchmark rate for the second time in 2008  from 7.00% to 7.25%. The last time interest rate was increased on the 5th of February. Currently benchmark interest rate in Australia is the highest since 1996. RBA believes that the recent borrowing tightening contributed to the slowing of the inflation as the consumers began to spend less: Having weighed both the international and domestic information available, the Board concluded that a further tightening in monetary … “Australian Benchmark Rate Set to 7.25%”

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JPY Grows on Stock Plunge in Japan

The Japanese yen rallied today during and after the Asian trading session, as the stock market in Japan plunged rapidly today. The risk-averting investors’ massive sell-off cut the NIKKEI 225 index by almost 4.5%. The yen ended the last week on Forex with a significant gains against U.S. dollar, Australian and New Zealand dollars, euro and pound. It happened, because bad economic statistics in U.S. spurred pessimistic sentiments on all stock markets, leading to the growth … “JPY Grows on Stock Plunge in Japan”

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Australian Dollar at 24 Years High

After one of the worst weeks for the U.S. dollar and the attraction of the large capitals to the high-yielding assets this week, the Australian dollar reached its record high value against USD in 24 years. AUD/USD touched 0.9496 two days ago  it was the highest level since March 1984. The overall weekly gain wasn’t very impressive (under 0.9%) because the currency pair corrected significantly on Friday. Aussie remained the second best performing currency against the U.S. … “Australian Dollar at 24 Years High”

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South Korean Won Corrects against USD

South Korean won was among the other Forex traded currencies that triumphed over the U.S. dollar during this week as the USD was losing its ground on many areas. But today USD/KRW corrected from its almost two-month bottom. The current account deficit in South Korea is seen as one of the most important monetary problems recently and while the dollar is losing … “South Korean Won Corrects against USD”

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Dollar Still Near Record Lows

The dollar is still trading near its record low value against the euro today, but it has managed to recover somewhat from the yesterday’s fall after the oil prices corrected on the increased oil inventories in U.S. Fed chairman Ben Bernanke’s testimony to the U.S. congress showed that there are possibilities for the housing and employment markets to weaken even further and that the risks for the financial markets and banking sector still remain high. This testimony added … “Dollar Still Near Record Lows”

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Euro above 1.5 vs. Dollar

The U.S. dollar fell below its absolute record low level against the European currency today. If the day closes above $1.5 per euro, it will be a signal for a definite return of dollar to its bearish trend of the 2007. EUR/USD broke through the major 1.5000 resistance at the beginning of the Asian trading session today, but then the currency pair retraced back below the 1.5000 mark … “Euro above 1.5 vs. Dollar”

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Rupee Grows for Second Day

Indian rupee continued to advance in value during today’s Forex trading session as the investors bought local currency to participate in the Indian stock market’s rally. The Asian financial markets continued to grow today attracting more traders and spurring the growth of the regional currencies. Rupee also benefits from the tightening monetary policy in U.S. combined with the high interest rates on Indian government bonds. This … “Rupee Grows for Second Day”

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