News – Page 1121

January 21
2008

Japanese Yen Gains Sharply against Euro, Pound

Japanese yen is gaining against all its rivals today, as the stocks fall down and the high-risk currencies start to meet their demise. While traditional carry trade counterparts of yen — Australian and New Zealand dollars, are often unstable during such times, the less risky euro and Great Britain pound are also losing now. The euro has already reached its lowest minimum since 22nd of August, 2007, […]

January 20
2008

ECB Should Prefer Inflation Fighting

The European Central Bank council member and the governor of the Bank of Italy, Mario Draghi said yesterday that the monetary policy should be tightened in case the inflation in Eurozone will start to cross the target borders. While many investors debate whether ECB will prefer fighting the economy growth slowdown or the consumer prices […]

January 19
2008

South Korean Won Declined This Week

Almost all Asian currencies, especially high-yielding ones, took a massive hit this week, with the highest drops being near the end of the week. South Korean won has posted the largest weekly decline in almost two months. On Thursday South Korea’s won reached its minimum value against the U.S. dollar since August 2007 and then […]

January 18
2008

Chilean Peso Gains on Interest Rate Increases Speculation

Chilean peso gained yesterday against other currencies, notably against the U.S. dollar, after the Central Bank of Chile President, JosÃ© de Gregorio, commented that the bank will have to increase rates again on the next meeting. Now there are two expected events that are supporting Chilean peso on Forex. First one is the expected rate […]

January 17
2008

Dollar Still Weak Against Yen

The U.S. dollar, even after a recovery from the two and a half year bottom against the Japanese yen, is remaining weak against this Asian currency as the investors worry about the current state of the U.S. economy. Currently the dollar is trading at 106.74 which is above the yesterday’s minimum of 105.92, but below the today’s open price of 107.62 on USD/JPY. Jun Kitazawa, head of the foreign exchange division of Brown Brothers Harriman Investment […]

January 16
2008

GCC Countries May Revalue Currencies by End of 2008

Financial experts from the Standard CharteredStandard Chartered expect a coordinated scrapping of the peg to the U.S. dollar from the monetary authorities of the Middle Eastern countries – Saudi Arabia, U.A.E., Qatar, Oman and Bahrain. Kuwait, the only GCC country that tied its currency to euro and pound in addition to dollar (back in May […]

January 15
2008

GBP at Lowest Level Against JPY in 17 Months

The Great Britain pound today reached its lowest value against the Japanese yen since 11th of July, 2006, continuing the strong bearish trend that has started during early November 2007. Since the pound has been a carry trade favorite long currency for a long time, it’s gained a lot of “overweight” against its Japanese counterpart — yen, and it now has a great potential in falling down as the carry trade […]

January 14
2008

NZD Gains Against USD and JPY

New Zealand dollar is showing a high level breaking growth today against the U.S. dollar after the confidence in the carry trade and other high-risk investments rose on the Fed‘s rate cut expectations. NZD/USD reached its highest value since December 12 as the investors are sure that the Fed will cut the rate by at least 0.50% during the next FOMC meeting, increasing the gap between interest rates of the U.S. and New Zealand […]

January 12
2008

Jouyet: European Economy Slow Due to Weak Dollar

France’s European Affairs Minister Jean-Pierre Jouyet said today in St. Julians, Malta, at the press-conference devoted to the euro’s introduction to Malta, that the European economy can’t cope with the current exchange rates of the European currency against its major foreign counterparts — yuan, yen and dollar. He also stated that other finance ministers from European regions agree on this problem and its possible solutions will be discussed on the next […]

January 11
2008

Chilean Target Rate Up to 6.25%

Central Bank of Chile decided yesterday to raise the main national lending rate from 6.00% to 6.25% in order to reduce the threat level of the rising inflation, which has now reached its highest level in almost ten years. The benchmark lending rate is now at its highest value since 2002. The average forecast among […]