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Day: August 10, 2010
August 102010
Dollar Weakens After FOMC Meeting
The US dollar fell versus the Japanese yen and also declined against the Great Britain pound and the euro, remaining above the opening level though, after the Federal Reserve decided to keep the interest rates at the record low level. The Federal Open Market Committee announced in its statement today: The Committee will maintain the target range for the federal funds rate at 0 to 1/4 percent and continues to anticipate that economic conditions, including low rates […]
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August 102010
Rand Goes Down as 1.3 Million Government Workers Go to Strike
The South African rand fell today after a week of gains versus the US dollar as the nation’s economy may deteriorate after as much as 1.3 million government workers will go to strike to demand the higher wages. About 1.3 million public-sector workers expected to go to the streets for the strike today, including 800,000 members of the Public Sector Association and around 89 percent from 245,000 members of the South African Democratic Teachers Unionâs. The trade […]
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August 102010
Yuan Depreciates After Central Bank Lowered Reference Rate
The Chinese yuan declined today after the US currency rallied and the central bank lowered the reference rate; the increasing exports and the resulting trade surplus weren’t able to support the currency. The exports grew 38.1 percent from the previous year to $145.5 billion, following the 43.9 percent increase in June. The trade surplus was $28.7 billion. The Peopleâs Bank of China set the daily fixing at 6.7745 per dollar after the dollar advanced against 15 […]
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August 102010
EUR/USD Surged After FOMC Kept Interest Rates Near Zero
EUR/USD dropped today as low as 1.3074, but surged after FOMC announced that interest rates remain at their record low levels. EUR/USD trades currently at 1.3211. Nonfarm productivity preliminary report showed today the decrease by a 0.9% annual rate in the second quarter of 2010, following the growth by 3.9% in the first quarter. The median forecast predicted a growth by 0.3%. Wholesale inventories rose by 0.1% in June, compared to to the 0.5% growth in May. Analysts […]
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August 102010
Biggest Forex Scam Pt. II (Richard Matthews Jr.)
In our previous article, we covered the story of Russell Cline and how he scammed his investors off $16 million that he used to enrich his own lifestyle. Today, we bring you the story of another such person named Richard Matthews Jr., who pooled in over $30 million from his investors. White Pines Trust Corporation Matthews founded White Pines Trust Corporation in 2000 in San […]
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August 102010
Canadian Dollar Fluctuates Before FOMC Meeting, Rises vs. Euro
The Canadian dollar fluctuated against the greenback before the FOMC meeting and gained versus the euro after the stocks and crude oil rallied, boosting the currencies related to the growth. The Standard & Poorâs 500 Index rose 0.6 percent today. September delivery for crude oil rose 1 percent to $81.53 a barrel in New York. Crude oil is main export of Canada. The Canadian currency tends to follow moves of stocks and commodities. The last week’s […]
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