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Day: December 31, 2010
December 312010
Yuan Rises Beyond 6.6 per Dollar as China Battles Inflation
The Chinese yuan gained today against the US dollar, rising for the first time since 1993 beyond 6.6 yuans per dollar level, on the speculation that the government may allow the currency to appreciate faster in an attempt to rein the inflation. The currency weakened against the euro. The Peopleâs Bank of China raised the reference rate today to 6.6227 per dollar from yesterday’s 6.6229, increasing it for the ninth day. The yuan is allowed to trade by up […]
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December 312010
Global Recovery Damps Demand for Safety, Weakening Dollar
The US dollar continued to decline today as the signs of the global economic recovery made the higher-yielding currencies more appealing than the safer ones. South Koreaâs consumer prices advanced 3.5 percent this month from a year ago, compared to the median forecast of 3.2 percent growth. German Chancellor Angel Merkel vowed to defend the shared 16-nation European currency, supporting the euro versus the dollar. EUR/USD advanced from 1.3288 to 1.3375 as of 11:10 […]
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December 312010
2011 Forecast on Forex, Interest Rates, Gold and Oil
Year 2010 wasn’t as rich on surprises as 2009 and 2008. That’s probably why my last yearly forecast wasn’t as inaccurate as usually. The major surprises (at least for me) were GBP/USD and gold. The former failed to move significantly up or down, while the gold prices stagnated after conquering the new record highs several times. Interest rate increases also have been delayed by the major central banks despite the fact that the economies grew […]
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December 312010
UK House Prices Decline, Endangering Pound
The Great Britain pound recovered somewhat after it dropped on the speculation that the falling house prices signal about problems in Britain’s economy. According to the Land Registry, the house prices declined 0.6 percent from October to November. The analysts predict that the home prices in the UK would drop about 2.5 percent in 2011 as the spending cuts discourage the buyers. The declining prices strengthen the concerns about the possible effect of the budge cuts on the UK […]
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