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Day: February 18, 2013
February 182013
Will Vietnamese Dong Continue Moving Sideways?
The Vietnamese dong, which is one of the least valued currency in the world in terms of monetary units (after the currencies of Iran and Somalia), was little changed over the week, closing at 20,825 per US dollar. The currency has some bullish domestic factors, which may support the dong, but experiences negative influences as well. Conflicting fundamentals result in sideways movement of the currency. The World Bank said that rapid credit growth and other signs […]
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February 182013
Comments of Weale Make Pound Sink
The Great Britain pound sank against the US dollar, reaching the lowest since July, and edged down versus the euro today as Bank of England policy maker Martin Weale said that weaker currency can be beneficial for the economy. The sterling was flat against the Japanese yen. It looks like the past Group of Twenty meeting not only failed to deter central bankers from devaluing currencies, but in some way […]
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February 182013
US Dollar Finds Support after Economic Data Release
US dollar is finding some strength today, thanks to recent economic data. While the greenback is slightly lower against the euro today, it is stronger against other major currencies. Euro was a little weaker earlier, thanks to concerns about the divergence between the ECB‘s benchmark and market rates. However, the idea that the financial system is stabilizing is enough to give the euro a very small edge. Against […]
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February 182013
Euro Looks for Gains
Euro is heading a little bit higher against the US dollar, and gaining against other major currencies today. However, the gains aren’t as big as they could be, with concerns about what’s next for the ECB’s plans for interest rates. Euro is getting some help from the fact that fewer banks need to rely on the European Central Bank for funding help. Many of the banks in core countries like Germany need […]
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February 182013
Yen Continues to Fall After G20 Meeting
The Japanese yen continued to fall today as Japan was not blamed for devaluing the currency at the Group of Seven and the Group of Twenty meetings last week. Japanese Prime Minister Shinzo Abe said: I’m not in a position to comment on an appropriate currency level. Basically, our policies are not aimed at weakening the yen. Indeed, the G20 members looked ready to take the Japan’s policies as the ones aimed at boosting the economy, not devaluing the currency. Now […]
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February 182013
South Korean Won Follows Yen in Decline
The South Korean won declined today on speculation that the government will push the currency down after the rally, following the example of Japan. There were talks ahead of the Group of Twenty meeting that the members of G20 would demand from Japan to stop devaluing its currency. Such speculations proved to be wrong. Now Forex market participants are worried that South Korea will follow the suit, weakening its currency, […]
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