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Dollar nudges higher ahead of Fed minutes
2007-10-09 14:36:00 The dollar?s rally against the euro continued on Tuesday, but the single currency clung beligerently to the $1.40 level. The greenback nudged 0.2 per cent higher to $1.4040 against the euro, and was 0.2 per cent stronger at $2.0333 against sterling. Some support was gained ahead of the publication of the minutes of the latest Federal Reserve ... More About: Daily News , Dollar , Minutes , Higher , Ahead
GBP/JPY: 210.00 Before 250.00 Is a Possibility
2007-10-08 04:07:00 The GBPJPY is on many traders minds as the pair approaches the 240.00 figure (again). The pair has recovered about 62% of its July-August drop from 251.10 to 219.30 but individual patterns in both legs of the cross and the cross itself warn that now is not the time to turn bullish for a test ... More About: Possibility
Ditching dollar peg helps fight inflation, Kuwait says
2007-10-08 03:45:00 Kuwait’s decision to drop the dinar’s peg to the dollar in May has helped contain inflationary pressure but more time is needed to assess the full impact, the central bank governor said in remarks published on Sunday. Kuwait dropped its peg to dollar and linked the dinar to a basket of currencies on May 19, saying ... More About: Kuwait , Daily News , Inflation , Dollar , Fight
Yen Falls as Gains in Stocks Spurs Confidence in Carry Trades
2007-10-08 03:41:00 The yen fell to the lowest in two months against the euro as gains in global stocks gave traders confidence to increase holdings of higher-yielding assets funded with money borrowed in Japan. The yen slid versus 15 of the 17 most-active currencies as investors increased so-called carry trades on bets Asian equities will follow U.S. stocks ... More About: Stocks , Daily News , Spurs , Confidence , Falls
Concern but no panic over euro
2007-10-08 03:36:00 Eurozone politicians may fret about the euro rising to record levels but businesses in the 13-country region, while concerned, are not panicking ? and can even see positive benefits. BusinessEurope, the Brussels-based employers? lobby, last week warned ?a pain threshold for European companies? had been reached. The currency had appreciated against the yen as well as ... More About: Euro , Daily News , Panic
U.S. Payrolls Expand in September After August Gain
2007-10-05 15:53:00 U.S. employment growth accelerated in September and revised figures for August showed an unexpected gain, easing concern the economy is headed toward recession.Payroll s grew by 110,000 after an 89,000 increase in the previous month, the Labor Department said today in Washington. The August figure was originally reported as a decline, the first in four years. Treasury notes fell and the dollar surged as traders pared bets the Federal Reserve will cut interest rates this month after reducing borrowing costs by half a point on Sept. 18. More jobs and rising wages will help consumers weather falling home values, sustaining the spending that accounts for more than two-thirds of the economy. “This eases fears that the economy will take a dramatic turn for the worse,” said Julia Coronado, senior U.S. economist at Barclays Capital Inc. in New York. “That makes the Fed’s decision a closer call. A rate cut in October is by no means a foregone conclusion.” Revisio...
Dollar Set for Weekly Gain; U.S. Job Data May Delay Rate Cut
2007-10-05 14:03:00 The dollar headed for the first weekly gain versus the euro since August on speculation a U.S. government report will show hiring rebounded, weakening the case for further interest-rate cuts by the Federal Reserve.The dollar strengthened against 15 of the 16 most-traded currencies this week on signs the economy is weathering a slump in housing and creating jobs. Fed Bank of Dallas President Richard Fisher said the credit markets were stabilizing after the rout sparked by the collapse in the subprime mortgage market and that economic growth this quarter will exceed 3 percent. “The macroeconomic environment has improved for the dollar this week,” said Steve Pearson, chief currency strategist at HBOS Treasury Services Plc in London. “There’s been some recovery in short-term interest-rate differentials.” The dollar was at $1.4123 per euro at 7:03 a.m. in New York, from $1.4138 late yesterday and $1.4267 a week ago. It has added 1 percent since falling to an... More About: Dollar , Data , Weekly , Rate , Doll
ECB keeps interest rates on hold
2007-10-04 13:57:00 The European Central Bank has left its main interest rate unchanged at 4 per cent amid uncertainty about the impact of the global credit squeeze on the eurozone economy. No change had been expected by the ECB, which met in Vienna after last month?s decision to shelve a planned quarter percentage increase in borrowing costs that ... More About: Daily News , Interest Rates , Interest , Rates , Hold
Bank of England holds rates at 5.75%
2007-10-04 13:10:00 The Bank of England left interest rates on hold at 5.75 per cent on Thursday, opting to take more time to assess the implications of the credit squeeze for growth and inflation prospects. The Bank?s decision to stay its hand was widely anticipated, with all economists polled by Reuters predicting there would be no change. Most ... More About: Daily News , Bank of England , Rates
Business calls for euro action
2007-10-04 11:08:00 European big business on Wednesday joined the growing number of eurozone politicians demanding rapid action to halt the euro?s rise against the dollar and other currencies. Having crossed $1.40 against the US dollar and appreciated against the Chinese renminbi and Japanese yen, ?the euro exchange rate has attained a pain threshold for European companies?, said Ernest-Antoine ... More About: Business , Action , Euro , Calls , Sine
The Short View:Bank of England
2007-10-04 10:58:00 It is unlikely the Bank of England or the European Central Bank will follow their American counterpart and cut interest rates on Thursday. But the markets are still expecting an easing of monetary policy in the UK by early next year. Is this realistic? To answer that it is useful to remind ourselves of how much ... More About: Daily News , View , Short
Traders await rate decisions in Europe
2007-10-04 10:56:00 Global equity markets achieved fresh records on Wednesday although the trading tone was slightly muted as investors awaited central bank meetings in Europe on Thursday and US employment figures on Friday. Data releases offered support to the view that the US economy might be in slightly better shape than some observers had feared. The Institute for Supply ... More About: Traders , Decisions , Rate , Wait
ECB May Leave Rate at Six-Year High to Assess Credit
2007-10-04 10:49:00 The European Central Bank will probably keep interest rates at a six-year high as it gauges the impact of the U.S. subprime-mortgage collapse and the rising euro, a survey of economists shows. Policy makers meeting in Vienna today will leave the benchmark refinancing rate at 4 percent, according to all but one of the 55 economists ... More About: Credit , Leave , High , Year , Rate
Busch?s Market Update
2007-10-03 20:06:00 After the ADP employment data came out as expected, thegreenback istrading in mixed ranges versus most of the major currencies with the Japanese yen remaining weak. The US dollar indexisdown .17 at 78.13.Flurry of articles out in European papers stating that finance ministers and prime ministers are expressing concern over the strong Euro. October 20th ... More About: Market , Update , Busch
ECB- No More Beyond 4%?
2007-10-02 20:29:00 ECB - No More Beyond 4%? Last night it only took 70 euro cents to purchase one US dollar as the EURUSD reached a new record high of 1.4260. As euro continues its relentless march upward against the greenback it is easy to imagine 1.4500 or even 1.5000 as the next big target for the pair. However, while ...
Busch?s Market Update
2007-10-02 17:55:00 The greenback isexperiencing an unusual move: it’s rallying against all the major currencies.The US dollar indexisup .40 at 78.30.Article in the UK Daily Telegraph suggests that UK banks are doing an end run around the Bank of England and going to the ECB for cheaper funding. GBP overnight Liborrose to 5.81% from5.80%andthe 3mth period rateis ... More About: Market , Daily News , Update , Busch
Dollar Hits New Lows At Close Of 3rd Quarter
2007-09-29 05:07:00 The dollar closed out the third quarter Friday on a weak note, touching another all-time low against the euro as it continues to reel from the Federal Reserve’s recent interest rate cut. The euro peaked Friday afternoon at $1.4279 after surpassing $1.42 in early morning trading for the first time ever. The euro’s rise toward $1.43 ... More About: Daily News , Dollar , Close , Hits , Doll
Poole: Fed May Have Cut Even If Aug Payrolls Strong
2007-09-29 05:03:00 Federal Reserve Bank of St. Louis President William Poole said Friday that the Fed may have cut interest rates last week even if the August payrolls report had been strong, pointing to financial market turmoil. Poole said that while it is hard to say what the Fed would have done given a strong August employment report, ... More About: Federal Reserve , Strong , Payroll
USD/JPY Is A Friend In Need
2007-09-28 06:54:00 If the trend of USD/JPY is your friend, as they say, then what might be a non-trend? After all, the absence of a friend isn’t necessarily the presence a non-friend. In fact, one notable characteristic of a market trend, amicable to trader and analyst alike, is its satisfaction, each new uptrend high or low, as the ... More About: Friend
Dollar Index Falls To New All-Time Low
2007-09-28 06:29:00 The dollar sank to a new all-time low against a basket of major currencies Thursday as U.S. housing data continued to come in even weaker than economists’ already-low expectations. The New York Board of Trade’s DXY dollar index, which began in 1973 and measures the greenback against six top rivals, fell to 78.16 Thursday in New ... More About: Daily News , Time , Dollar , All Time Low , Index
Busch?s Market Update
2007-09-27 15:59:00 Prior to the US Q2 GDP data,the greenback isunder the yoke of yen carry and the powerful loonie with a firm break of parity the first order of business in the NY trading session. The US dollar indexisdown .16 at 78.32.Comments fromGermany’s Glos saying the US dollar sell off may not be over is contributing ... More About: Market , Update , Busch
Saudi riyal hits fresh high against dollar
2007-09-26 15:24:00 The Saudi riyal rose to a fresh 21-year high against the dollar on Tuesday as speculation mounted that the world’s largest oil exporter might revalue its dollar-pegged currency. Saudi neighbour UAE on Tuesday dropped its three-month Certificate of Deposit (CD) interest rate for the second time in a week, cumulatively matching half the 50 basis-point cut ... More About: Dollar , High , Hits , Fresh
Busch?s Market Update
2007-09-25 15:34:00 The US dollar indexisflat at 78.53 after the Bank of England inquires how to break up Northern Rock and GM workers go on strike. Yen carry was reversed overnight after a report on Deutsche Bank said that they may have to write down 1.7 billion euros in leveraged loan commitments and a report by the ... More About: Market , Daily News , Update , Busch
Bernanke: Fin System In `Relatively Strong Position`
2007-09-20 15:49:00 The U.S. financial system remains in a “relatively strong position,” despite the recent turbulence in financial markets, Federal Reserve Chairman Ben Bernanke said Thursday. In the recent “episode, the shift in risk attitudes combined with greater credit risk and uncertainty about how to value those risks has created significant market stress,” Bernanke said in prepared testimony to be delivered before the House Financial Services Committee. “On the positive side of the ledger, past efforts to strengthen capital positions and financial market infrastructure places the global financial system in a relatively strong position to work through this process,” he added. Bernanke noted, however, that during the recent turbulence in markets, “global financial losses have far exceeded even the most pessimistic estimates of the credit losses on these loans.” Bernanke listed off the various moves the Fed has taken to relieve the recent strains, in... More About: System , Strong , Stem , Position
Busch’s Market Update
2007-09-20 15:31:00 Goldman Sachs reports better than expected earnings, Bear Stearns reports worse than expected earnings, and the Canadian dollar flirts with parity as speculation mounts that Saudi Arabia will break its US dollar peg. The US dollar index is down .48 at 78.82 and hasn’t been this low since 1995. The Canadian dollar has been down here since 1977. The 2yr JGB-US 2 yr spread is at 317.7, the generic Eurozone 2yr-US 2yr is down 2 at -6.2, the US 2s-10s spread is up 3 to 57.5, and the 3mth T-bill-US 10 yr is up 12 at 65.4. Yields are .813% (JPY), 4.052% (Euro), 3.911% (3mth), 3.99% (2yr), and 4.565% (10yr). After the Bank of England was toasted in front of Parliament, GBP overnight Libor fell to 5.82375% from 5.8875%. The 3mth period rate is down to 6.3875 from 6.55125% . The Euro overnight libor fell to 4.03875 from 4.14625% and 3mth was almost unchanged at 4.7218%. Overnight US libor dropped to 4.9375 from 4.94375% and ... More About: Market , Update , Busch
Dollar fears as Saudi refuses interest cut
More articles from this author:2007-09-20 15:21:00 Saudi Arabia, which pegs its currency to the dollar, said on Wednesday it will hold back from matching a US interest rate cut as the world’s largest oil exporter seeks to tackle inflation at a seven-year high. “After reviewing the situation of liquidity and the economic situation we feel there is no need for a change,” Central Bank Governor Hamad Saud al-Sayyari told Reuters in the Saudi capital, Riyadh. “Once we notice something, we will take the appropriate measures,” he said, declining to be more specific. The benchmark repo rate is 5.5%. Analysts say the move will inevitably lead to the collapse of the dollar peg, the UK’s Daily Telegraph reported yesterday on its web site. “As a close ally of the US, Riyadh has tried to stick to the peg, but it now risks destabilising its own economy” the newspaper said. Hans Redeker, currency chief at BNP Paribas told the Telegraph “This is a very dangerous situation for the dollar.” “Saudi Ara... More About: Dollar , Saudi , Interest , Fears , Doll 1, 2, 3, 4, 5, 6, 7 |
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