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Day: April 10, 2008
April 102008
Chinese Yuan Closes Below 7 per Dollar
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 […]
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April 102008
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 […]
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April 102008
USD Rises on Better Fundamentals
EUR/USD reached a new record high level at 1.5913 today, but after some positive fundamental data was released in U.S. the currency pair went down, as the dollar started to regain strength on the Forex market. ECBs decision to hold the interest rates at 4% also improved dollars positions on the market. Initial jobless claims unexpectedly fell by 53k the last week from the revised 410k value to 357k. A fall to 383k has been expected by the market analysts. February […]
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