News – Page 1118

February 21
2008

CAD Grows for Second Day

The Canadian dollar continued to grow today after rising from the one month bottom in which it has been until yesterday. Oil rose to the record high levels above $100 per barrel recently adding interest to one of the largest oil-exporting economies. Earlier the Canadian dollar experienced a long bearish trend spurred by the recession fears in U.S. and a possible slowdown of the global economy growth, which could have pulled Canadian commodities-exporting economy down. […]

February 20
2008

FOMC Minutes Show that Fed Worry

The release of the FOMC minutes for January 29/30 meeting today gave traders more insight about the Feds vision and strategy. Dollar started to lose its positions right after the release and shortly reversed its daily gain against euro. In the released document, members of the committee expressed a worry about the global slowdown of the advanced economies, current state of the housing, consumer and financial sectors. Long-term securities markets, according to minutes, are also experiencing the excess volatility: […]

February 20
2008

Yuan on Record Rally Spree

Today was the fifth straight day when the Chinese yuan grew against the U.S. dollar and other major Forex currencies after the Peoples Bank of China introduced its new anti-inflation policy. During the China Foreign Exchange Trade System trading session today the Chinese yuan gained 0.1%, rising from 7.1580 to 7.1510 per 1 U.S. dollar. Since the beginning of 2008, USD/CNY lost […]

February 19
2008

AUD Up on Interest Rate Increase Expectations

The Australian dollar rose today against other major currencies, as the banks minutes release hinted markets that the Reserve Bank of Australia will probably increase the interest rate by 25 basis points again next month. AUD/USD gained more than 1.2% today, making it a second such day for this currency pairs. AUD/JPY had just a minor gain today, but nevertheless its already a 7th day in a row. EUR/AUD declined from 1.6164 to 1.6008 today […]

February 18
2008

Recession in Japan May Reduce Gains in Yen

According to, Toyoo Gyohten, the president of the Tokyo based Institute of International Monetary Affairs, the Japanese economy may enter a short period of recession soon and that will slow down or even reverse the yen?s appreciation trend. As the result of this possible recession, Japanese yen will be traded inside the 105-110 range against the U.S. dollar, while earlier analysis predicted that the 100 rate […]

February 15
2008

USD/CNY at Record Low Level

The Chinese yuan continued its triumph this week and was set at a new record high value against the U.S. dollar today at the Shanghai Foreign Currency Trade session. It will be 10th straight gaining week for the yuan if it closes at the 7.179 yuan per dollar. It is significantly lower rate than yesterdays 7.1904. Since European and American officials started to press on Chinese government to appreciate yuan […]

February 14
2008

GBP Continues Rising against Other Majors

Great Britain pound continued its almost a week long rally against the currencies of Eurozone, U.S. and Japan, as the traders believe that the Bank of England will turn its head to inflation rather than the lack of the financial liquidity. There is now a three days of consequential growth on the GBP/JPY Forex pair, but it still is quite moderate result for this trading instrument. Withing these three days GBP/JPY easily went up from 208.66 to 213.42. […]

February 13
2008

Trade Idea: Buy Australian Dollar with Euro

According to the new research note by Richard Grace from the Commonwealth Bank of Australia, it would be better to buy Australian dollar with euro in 2008 to earn from the interest rates difference. The EUR/AUD currency pair is proposed to substitute the AUD/JPY as the next carry trade investment opportunity, because along with the wide positive interest rates difference its more stable than the yen based currency […]

February 12
2008

Jean-Pierre Jouyet: Euro is Ready, U.S. is not

Jean-Pierre Jouyet said that during the last G7 meeting (which was on February 10th in Tokyo), that there weren’t any signals from the U.S. representatives, that the States are going to try correcting the current unbalanced situation in Forex. It looks like the French officials are the ones that are most concerned with the current […]

February 11
2008

Rand — Worst Performer so Far

The strongest African economy may soon lose its position at least so tells us its currency. South African rand appears to be one of the worst performing currency of 2008. Rand, being an indicator of the national economys health, was the top loser against the U.S. dollar this January with a loss exceeding 4.4%. Although gold and platinum (South African export commodities) were appreciating fast last month, traders were concerned with electricity […]