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Day: August 8, 2011
August 82011
Eighth Session of Suffering for Aussie
The downgrade of the US credit rating on August 5 hurt commodity currencies and the Australian dollar was among the ones hit hardest by the rating agency’s decision. The Australian currency extended its drop today. Risk aversion sentiment was already in place before the cut of the US rating and it has strengthened following the S&P move, having its negative impact on markets. The Standard & Poorâs 500 Index slumped as much as 3.8 percent. […]
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August 82011
CHF at New Record vs. USD, Gains vs. Other Currencies
The Swiss franc rallied against all most-traded currencies as downgrade of the US credit rating and concerns about the future of the European debt made investors unwilling move from the safety of the franc to riskier assets. TSR television reported that the Swiss government is going to have extraordinary meeting today in order to discuss the strength of the nation’s currency. It’s clear that the Swiss policy makers aren’t happy with the gains of the franc and are going […]
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August 82011
PBoC Allows Yuan Appreciation
The Chinese yuan climbed today after China’s central bank lifted the reference rate, following the downgraded of the US credit rating, signaling that the policy makers aren’t bothered by the currency’s gains. The Peopleâs Bank of China put its reference rate 0.23 percent higher at 6.4305 per dollar, allowing the yuan to trade up to 0.5 percent on either side of the official rate. The current level of the rate is the highest since November. China […]
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August 82011
Week Begins with Fall of EUR/USD & USD/JPY
The US dollar extended today its decline versus the Japanese yen that started last Friday after Standard & Poor’s cut the US credit rating. The euro slipped against the dollar. S&P downgraded the US rating to AA+ on August 5 and left the outlook on “negative”, signaling that the rating can be further downgraded to AA. Two other major rating agancies, Moodyâs Investors Service and Fitch Ratings, maintained their […]
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August 82011
Intervention: Way to Weaker Franc or Bluff of SNB?
The Swiss franc is considered one of the most attractive currencies (if not the most attractive) nowadays as the strength of the franc makes it preferable as a safe haven. With all the financial turmoil in Europe and America the safety of the currency is in high demand among investors. But the Swiss National Bank announced last week that itâs going to take measures for taming the excessive appreciation of the Swiss currency. How this step will affect […]
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