Day: August 15, 2008

August 15
2008

EUR/USD Slides to New Monthly Lows

EUR/USD declined to its new minimum level since February 20 — 1.4700. Although it’s currently trading significantly above that level (at 1.4743), there’s a little doubt regarding further trend direction of this currency pair. According to a report that was released today NY Empire State index rose to 2.8 in August compared to -4.9 in July. It was expected to decline to -5.0. Net foreign purchases of the long-term U.S. securities declined in June — from $83.2 billion […]

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August 15
2008

China’s Yuan Heads for 4th Weekly Loss

The Chinese yuan is currently heading for its fourth weekly decline against the U.S. dollar for the first time since the end of the peg to dollar in 2005. The currency dropped just little more than 0.1 percent this week adding to a total of more than 0.7 percent in a losing streak lasting from July 18. The Chinese government is probably cooling down yuan’s appreciation to support the exports […]

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