Indian Finance Minister, Palaniappan Chidambaram, said yesterday that the the rupee’s value is determined only by the market participants and is not regulated by the government in any way. The Indian rupee lost 0.5% this week falling down to 39.555 against the U.S. dollar after almost three weeks of gain. Indian currency gained more than … “Finance Minister of India: Rupee’s Rate is Driven by Markets”
Category: Forex news
AUD Rises Against U.S. Dollar and Yen
Australian dollar improved its positions against U.S. dollar and Japanese yen today after the very successful Asian/Australian stock markets session and some promising report on the country’s economy. AUD/USD increased 1% — a largest gain since last Wednesday, whereas AUD/JPY gained a little more than 0.9%. The growth of the Australian dollar was sprung after the country’s stock market along with the Japanese one began to recover the losses. Report … “AUD Rises Against U.S. Dollar and Yen”
British Pound Declines for a Third Day
Pound sterling is experiencing a continuous downfall that started more than a month ago in earlier November. GBP/USD has lost more 5.8% since November 9 — when it reached its maximum value in many years. After gaining about 0.3% this Monday, GBP/USD showed the same-sized fall on Tuesday after CPI data was published reporting a lower than expected prices growth. Wednesday was even … “British Pound Declines for a Third Day”
Czech and Polish Central Banks Leave Rates Unchanged
After two other European central banks decided to hold their current interest rates, Czech and Polish banks chose to follow the same way and didn’t change their reference interest rates despite the fact that they both raised the rates at the end of November. Today both central banks had their scheduled monetary policy meetings at the same time at 2 p.m. GMT. Czech National Bank left rate at 3.50%, … “Czech and Polish Central Banks Leave Rates Unchanged”
Swedish Riksbank Leaves Rate at 4.00%
Swedish central bank left the main interest rate unchanged at 4.00% during the meeting of the Executive Board on 18 December. The economy growth slowdown didn’t allow the Riksbank to increase the interest rate according to their uptrend policy maintained since January 25, 2006. The Board has noted that the economic activity in Sweden is … “Swedish Riksbank Leaves Rate at 4.00%”
Chinese Yuan Appreciates on Diversification
The United States Treasury International Capital report showed that China has been selling its Treasuries for a third month in a row in October 2007, which may signal for the start of the funds diversification. Yuan rose by 0.06% after this release, climbing up to 7.3828 per U.S. dollar from 7.3873 at the close yesterday, … “Chinese Yuan Appreciates on Diversification”
Japanese Yen Falls Today
The Japanese yen fell against majority of the world currencies on the rising risk appetites of the global and Japanese investors along with the extremely low probability for the rate hike by the central bank of Japan. As almost always the case with the yen falling — the most gaining currencies are the ones with the highest interest rates set by central banks — i.e. the South African rand and the New Zealand dollar. Surveys of the Japanese financial companies show their urge … “Japanese Yen Falls Today”
Hungarian Central Bank Holds Rate – Forint Drops
Magyar Nemzeti Bank (Hungarian Central Bank) decided today during the Monetary Council’s meeting to hold the main refinancing interest rate at the same level — 7.50%, after the last cut made from 7.75% by MNB on September 25. Hungary is still maintaining the highest interest rate in the European Union. While the target inflation of the central bank is 3.0% the actual number is far from it — 7.1% according to the November data. … “Hungarian Central Bank Holds Rate – Forint Drops”
Canadian Dollar Falls Sharply
Canadian dollar declined to its 3-month lowest value against U.S. dollar this week continuing the correction, which began on November 7. USD/CAD gained about 1.3 percent this week going up from 1.0040 to 1.0170 making it sixth bullish week in a row — first such bullish sequence since February-March of this year. CAD started to lose against its southern neighbor after Canadian Prime Minister … “Canadian Dollar Falls Sharply”
Central Bank of Chile Raised Interest Rate
Yesterday Chilean central bank increased its interest rate by 0.25 basis points up to 6.0%. It was the first rate hike in Chile since September 13 this year. Central bank has been on its quest to destroy the risks of elevated inflation levels since July. But the break which occurred during October-November gave the traders … “Central Bank of Chile Raised Interest Rate”