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Day: February 23, 2011
February 232011
Pound Gains as More Policy Makers Vote for Rates Increase
The Great Britain pound rose today, erasing yesterday’s losses versus the US dollar, as third policy maker of the Bank of England joined those who are voting for an increase of the interest rates. The majority of the policy makers still believe that the rates should be left unchanged but the increasing number of the central bank’s members voting for an increase fuels the anticipation of the rates hike. The minutes of the Monetary Policy Committee said that: Andrew Sentance […]
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February 232011
Euro Gains on Anticipation of Rates Increase by ECB
The euro rose today against the US dollar and the Japanese yen on the speculation that the surge of the oil prices will cause the European Central Bank to raise the interest rates to deal with the inflation. ECB President Jean-Claude Trichet said today that the policy makers will take actions to preserve the economic stability. The oil prices reached the highest level in two years as the conflict in Libya continues. EUR/USD rose from 1.3651 to 1.3756 today […]
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February 232011
NZD Recovers on Speculation Earthquake Won’t Cause Rate-Cut
The New Zealand dollar recovered today slightly, after yesterday’s decline on the earthquake in Christchurch, on the speculation that the markets overestimated the probability of interest rates cuts. The earthquake in Christchurch, the second- largest city of New Zealand, caused death of at least 75 people and the death toll will likely rise as the rescuers comb the ruins of buildings. Prime Minister John Key said that the disaster will likely to cost the reinsurers about NZ$5 billion ($3.7 […]
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February 232011
Japanese Yen Profits from Uprising in Libya
The Japanese yen strengthened yesterday, reaching the highest level in a week against the euro, as the turmoil in Libya increased demand for the safe currencies. Today the yen weakened somewhat. Human Rights Watch said that the crackdown on the protesters already left more than 200 dead. Libya’s leader Muammar al-Gaddafi stated that the uprising “will lead to civil war”. The conflict caused concerns about supplies of crude oil as Libya is one of the major […]
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