News – Page 1109

June 4
2008

Australian Dollar Gains on Higher GDP

The Australian dollar benefited today from the better than expected first quarter GDP growth as the Reserve Bank of Australia may start considering interest rate hikes again. The gross domestic product grew 0.6 percent in the first quarter of 2008 in Australia, following fourth quarter 0.7 percent increase and surpassing the median experts estimate value of 0.3 percent gain. In the year-to-year comparison GDP grew 3.6 percent […]

June 3
2008

Yen Appreciates on Lehman Worries

The Japanese yen gained today against its usual carry trade counterparts as the markets worried about the Lehman Brothers loss, which might be signaling for a financial crisis deepening. The carry trade was at its uprise last two-three weeks as the subprime crisis has been fading out and investors started to seek more risky assets. Yen was used as a short currency in the […]

June 2
2008

Pound Posted Biggest Daily Drop in 3 Weeks

The pound sterling posted today its biggest drop against the U.S. dollar since May 7 as the speculations that Bradford & Bingley Plc, the largest mortgage lender in U.K., will have to raise more capital, indicated a worsening in the real estate market crisis. The currency also fell against euro and yen as the investors expected that the Bank of England will show […]

June 2
2008

Aussie Goes Down on Weak Retail Sales

The Australian currency dropped today on Forex as the government bonds rose after the report on the April retail sales showed a decline of this important indicator. The retail sales in Australia slid down 0.2 percent in April, forming a steady downward monthly trend for the growth macroeconomical indicator. A decline in retail sales is now attributed to the extremely tight monetary policy in Australia, spurring belief that the […]

June 1
2008

Saudi Arabia to Keep Dollar Peg

Saudi Arabias Finance Minister Ibrahim Al-Assaf agreed with the U.S. Treasury Secretary Henry Paulson that the riyals peg to dollar is serving good to the countrys economy and assured him that Saudi Arabia has no plans to unlink the currency. During his four-day visit to the Middle East Paulson was to convince the regional financial officials to abstain from depegging their currencies from dollar and to increase […]

May 30
2008

Dollar Heads for Second Monthly Gain

Today the U.S. dollar continued to head for its second monthly gain against such currencies as the euro and the Japanese yen as the countrys economical situation showed some improvement over the recent weeks. The second month of growth against the yen can be attributed to both carry trade uprise that has been seen during the last weeks on Forex and the expectations […]

May 29
2008

Dollar Sees a Third Day of Growth

The U.S. dollar rose today to highest against the euro since May 20 as the Federal Reserve Bank of Dallas President Richard Fisher said that the interest rate increase is possible on elevated inflation fears. The U. S. currency also continued to rise against the Japanese yen today, as the latter has been falling against the other major currencies on carry trade uprise. The dollar […]

May 28
2008

Rupee Rose on Earning Conversion

The Indian rupee rose today as the exporters had to convert their overseas earnings after the Indias currency has been losing significantly to the U.S. dollar in May. The rupee recovered from two days of losses this week as the oil continued to drop today, easing the concerns that the commodity importers will have to sell even more rupees for dollars. On the other hand, […]

May 27
2008

Yen Falls against Carry Trade Counterparts

The Japanese yen extended its decline against its traditional carry trade counterparts today as the Asian stock markets soared after the U. S. Memorial Day holiday ended. Yen dropped significantly against the Australian and New Zealand dollars (the favorite high-yielders that usually gain the most form the carry trade popularity) today after the financial market rally in Asia showed […]

May 26
2008

Yuan at Highest Level since End of Peg

The Chinese yuan rose to the highest rate against the U.S. dollar since the scrapping of the peg in 2005 as the investors expected China to quicken yuan gains in order to cut the inflation growth. The Chinas short-term bonds fell today as their yields rose on speculation that the Peoples Bank of China will increase interest rates. The Chinese currency appreciated by 5.3 percent against the U.S. dollar this […]