News – Page 1095

December 21
2008

Ecuador to Continue Using U.S. Dollar

The President of the Republic of Ecuador, Rafael Correa, said yesterday that the U.S. dollar will remain as the countrys main currency as the economic crisis offers harsh times for the Ecuadorian financial system. Since January 2000 Ecuador uses the U.S. dollar as the national currency as one of the means to enhance the economic situation in the country. The ongoing crisis adds pressure on the oil-exporting […]

December 19
2008

Japan Slashes Rates, Yen Grows

The yen advanced against all other major currencies today after the Bank of Japan announced a rate cut to a near-zero level and the investors ran from the risky assets into the Japanese and U.S. currencies. The Bank of Japan reduced the target overnight rate from 0.3 percent to 0.1 percent at its meeting on December 19 and said that it will use the additional liquidity to help […]

December 18
2008

Yen Down on Intervention Concerns

The Japanese yen posted its first daily drop against the U.S. dollar after 5 days of gains as the Japans Finance Minister said that the currency intervention will be used if needed to keep the yen from the excessive appreciating. Finance Minister Shōichi Nakagawa said today that the Bank of Japan will use the currency intervention for the first time in the last four […]

December 17
2008

Aussie Reaches 2-Month High versus Dollar

The Australian dollar rose slightly against the U.S. dollar and reached a new 2-month high level today as the dollar still suffers from the near zero interest rates set yesterday by the Federal Open Market Committee. The Australian currency rallied by the most since October after the Fed announced the rate cut yesterday and the global stock markets reacted […]

December 16
2008

Chilean Peso Strengthens on Dollar Weakness

The Chilean currency appreciated to its monthly high against the U.S. dollar yesterday, as the greenback experienced a downfall against the high-yielding currencies and the peso performed better than the other regional currencies. Yesterdays growth of EUR/USD and GBP/USD allowed some of the emerging markets currencies to restore some of their value against the dollar. The Chilean peso was among such currencies and, […]

December 15
2008

Dollar Down before Fed Rate Deciosion

The U.S. dollar continued to go down today against the euro and the yen as the traders expect a rate cutting decision from the Federal Reserve and the bailout of the U.S. automakers. While both interest rate cut and the bailout of the countrys biggest car-making companies are the positive factors for the whole U.S. economy, they are certainly hurting the U.S. […]

December 12
2008

Yen at Century High as Carmakers Bailout Fail

The stock markets fell down greatly today pushing the Japanese yen up to its highest level since mid 90s against the U.S. dollar and the Great Britain pound as the GM and Chrysler chances to survive narrowed after the U.S. lawmakers failed to approve the bailout plan. Unlike previous trading sessions, where the yen moved in a unison with the U.S. dollar as both were […]

December 11
2008

Dollar Near 2-Month Low vs. Euro

The U.S. dollar dropped to the weakest level during the last 6 weeks against the European currency as the worlds stock markets rallied despite the delay in the U.S. automakers bail-out. As it has become known yesterday, the $14 billion bail-out plan to rescue the General Motors Corp., and Chrysler LLC is likely to not get voted for by the Republican party in the U. S. Senate. The dollar declined […]

December 10
2008

Yen Stops Growth on Stock Markets Optimism

The Japanese yen is showing another negative trading day this week as the currency traders follow the stock market optimism and buy the currencies associated with the high risk and yield. The yen fell against the Australian and New Zealand dollars (its traditional carry trade counterparts) as the U.S. government and lawmakers are ready to bailout the Detroit automakers, […]

December 9
2008

AUD Falls on Weak Business Confidence

The Australian dollar declined today against the U.S. dollar and the Japanese yen as the countrys stock markets fell after the report on the November business confidence came out showing the record low reading for the index. The Aussie is also under pressure from the high-yielding assets correction after the yesterdays growth. The New Zealand dollar, which often trades in a strong […]