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Keyword: forex

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  • 5 Big Banks Expected to Plead Guilty to Felony Charges, but Punishments May Be Tempered

    05/14/2015 6:40:23 AM PDT · by Theoria · 16 replies
    The New York Times ^ | 13 May 2015 | BEN PROTESS and MICHAEL CORKERY
    For most people, pleading guilty to a felony means they will very likely land in prison, lose their job and forfeit their right to vote. But when five of the world’s biggest banks plead guilty to an array of antitrust and fraud charges as soon as next week, life will go on, probably without much of a hiccup. The Justice Department is preparing to announce that Barclays, JPMorgan Chase, Citigroup and the Royal Bank of Scotland will collectively pay several billion dollars and plead guilty to criminal antitrust violations for rigging the price of foreign currencies, according to people briefed...
  • SEC a stumbling block in banks' forex guilty pleas: sources

    05/15/2015 11:47:28 AM PDT · by Lorianne
    Reuters ^ | 14 May 2015 | Karen Freifeld, Sarah N. Lynch, Soyoung Kim
    Banks want assurances from U.S. regulators that they will not be barred from certain businesses before agreeing to plead guilty to criminal charges over the manipulation of foreign exchange rates, causing a delay in multibillion-dollar settlements, people familiar with the matter said. In an unprecedented move, the parent companies or main banking units of JPMorgan Chase & Co (JPM.N), Citigroup Inc (C.N), Royal Bank of Scotland Group Plc (RBS.L), Barclays Plc (BARC.L) and UBS Group AG (UBSG.VX) are likely to plead guilty to rigging foreign exchange rates to benefit their transactions. The banks are also scrambling to line up exemptions...
  • China Waking Up? Central Bank Now Selling Forex Reserves To Support Yuan

    12/20/2011 2:22:09 AM PST · by TigerLikesRooster · 15 replies
    Forbes ^ | 12/19/2011 | Agustino Fontevecchia
    Agustino Fontevecchia, Forbes Staff 12/19/2011 @ 4:15PM |2,956 views China Waking Up? Central Bank Now Selling Forex Reserves To Support Yuan Marking a clear break with its policies over the last several years, the People’s Bank of China (PBoC) announced a second consecutive month of foreign exchange outflows in November, a move designed to support the value of the yuan. China’s currency intervention came alongside a report showing property prices continuing to fall, as Beijing clamps down on what many see as a dangerous real estate bubble. The Red Dragon appears to be waking up. Chinese policymakers are doing everything...
  • Reduced Financial Freedom? What Dodd Frank Could Mean to You

    07/15/2011 11:10:47 AM PDT · by h20skier66 · 2 replies · 1+ views
    Turnkey Trading Partners ^ | 7/15/2011 | James Bibbings
    If you’re like many of us, you may be wondering when people are going to stop uttering the phrase “In this economy, … ”. Since the world’s financial system took a turn for the worst in 2007, this saying has been used time and time again by countless people. In fact, it is the underlying sentiment that contributed to U.S. regulators drafting the Dodd Frank Wall Street Reform Act of 2010 (“Dodd Frank” or “Act”). Dodd Frank, for those of you who don’t know, is a massive financial legislation intended to prevent a future financial Armageddon. In drafting the Act,...
  • Trading Of Over The Counter Gold And Silver To Be Illegal Beginning July 15

    06/18/2011 1:46:50 PM PDT · by NativeNewYorker · 155 replies · 1+ views
    ZeroHedge ^ | 6/18/11
    Important Account Notice Re: Metals Trading We wanted to make you aware of some upcoming changes to FOREX.com’s product offering. As a result of the Dodd-Frank Act enacted by US Congress, a new regulation prohibiting US residents from trading over the counter precious metals, including gold and silver, will go into effect on Friday, July 15, 2011. In conjunction with this new regulation, FOREX.com must discontinue metals trading for US residents on Friday, July 15, 2011 at the close of trading at 5pm ET. As a result, all open metals positions must be closed by July 15, 2011 at 5pm...
  • Japan:G-7 OKs Yen-Selling, Spurring BOJ, Gov't Move(forex intervention: Yen falling)

    03/17/2011 8:26:04 PM PDT · by TigerLikesRooster · 15 replies
    Nikkei ^ | 03/18/11
    Friday, March 18, 2011 G-7 OKs Yen-Selling, Spurring BOJ, Gov't Move TOKYO (Nikkei)--Finance ministers and central bank governors from the Group of Seven agreed to intervene jointly in the foreign exchange markets for the first time in more than 10 years to curb the yen's rise against the dollar. Officials from the G-7 held a telephone conference Friday morning to discuss the yen's surge against the dollar following the earthquake in northeastern Japan on March 11 and accidents at the Fukushima No. 1 nuclear plant. Following the agreement, the government and the Bank of Japan intervened in the forex market...
  • China's overvalued yuan

    11/17/2010 7:37:10 PM PST · by smokingfrog · 6 replies · 2+ views
    Marketwatch ^ | 16 Nov 2010 | Lu Min
    Commentary: Looking at forex through lens of recent Chinese policy BEIJING (Caixin Online) — Regional Asian central banks have swiftly intervened to prevent the appreciation of their currencies, fanning tensions in an already heated global currency discussion. But the use of currency depreciation to revive exports only serves to introduce greater uncertainty and puts economies on a path toward weak recovery. The stimulation of exports to promote economic growth remains an essential pattern of growth for countries around the world. Because of this, several economies have made reciprocal moves to depreciate their currencies. And yet with so many central banks...
  • CFTC, NFA to Require Quarterly Hedge Fund Reporting

    03/25/2010 4:19:36 PM PDT · by h20skier66 · 231+ views
    www.turnkeytradingpartners.com ^ | 3/25/10 | James Bibbings
    On March 17th of 2010 the self regulatory organization for commodities trading and retail foreign currency transactions in the United States, National Futures Association (“NFA”), announced a major change to the way Hedge, Commodity, and Forex funds operate. The change, titled “Compliance Rule 2-46” is NFA’s latest effort to work towards detecting and eliminating Madoff Style investment frauds within the industries they regulate. In order to comply with any set of new regulatory standards one has to first understand the intentions and implications of the adjusted policy. So what then does this adjustment mean for the commodity and forex industries?...
  • CFTC Forex Proposal; US Retail Market to Disappear?

    01/19/2010 10:55:38 AM PST · by h20skier66 · 6 replies · 552+ views
    Turnkey Trading Partners ^ | 1/19/10 | James Bibbings
    On January 13th, 2010 the Commodity Futures Trading Commission (“CFTC”) issued a press release regarding its highly anticipated rule proposal for the regulation of retail forex transactions. The proposal seeks to adopt a new regulatory scheme to implement the CFTC Reauthorization Act of 2008. The following is a summary listing of the major provisions included in the CFTC’s proposal. While reading through these items please note that they are not the only changes to the law which have been proposed. Rather, these items represent what will be the most significant changes to the industry through the eyes of a former...
  • Gold "Undergoing Correction", Signals "Forex Crisis Fears"

    11/13/2009 7:56:06 AM PST · by h20skier66 · 1 replies · 621+ views
    Commodity News Center ^ | 11/13/09 | Adrian Ash
    Thursday saw the US Treasury report a record October deficit, the 13th monthly shortfall in a row. The Federal Reserve last week vowed to hold its key interest at next-to-zero for an "extended period". The Bank of England here in London has now created £200 billion of new money since March, using it primarily to buy government bonds as Whitehall's deficit hits a peace-time record equal above 14% of GDP. China's central bank reported record gold reserves this spring of 1054 tonnes. The Reserve Bank of India bought 200 tonnes of gold from the International Monetary Fund at the start...
  • Denial or acceptance (dollar’s slide complicating life for countries with floating forex rates)

    10/23/2009 4:19:14 PM PDT · by SeekAndFind · 6 replies · 440+ views
    The Economist ^ | 10/24/2009
    IN ONE sense, a weak dollar is good news for the world. Behind the global economy’s current revival is a returning appetite for risky investments, such as equities and corporate bonds. At their most panicky investors shunned all but the safest and most liquid assets: American Treasuries were a favoured comfort blanket. That demand for safe assets prompted a rally in the dollar in the months after the collapse of Lehman Brothers last September. Now that stockmarkets and economies have bounced back, dollar weakness has returned, causing a headache for countries with floating exchange rates (see chart). That has prompted...
  • Australia's Rate Boost Hurts Dollar (Aussie, NZ and Canada dollar are up)

    10/06/2009 7:42:16 AM PDT · by dennisw · 19 replies · 929+ views
    wall st journal ^ | OCTOBER 6, 2009 | By BRADLEY DAVIS
    The dollar dropped overnight Tuesday as the Reserve Bank of Australia hiked interest rates, the first G20 country to do so, putting added pressure on the low-yielding greenback. The rate hike comes at a time when U.S. interest rates are still ultra-low, making the dollar less attractive to investors. The RBA's move reinforces the impression the U.S. could lag behind other countries in raising rates as the world pulls out of the financial crisis. The RBA Tuesday raised interest rates for the first time since March 2008, becoming the first central bank from the Group of 20 to begin withdrawing...
  • A One World Currency Is Inevitable

    07/29/2009 8:11:38 AM PDT · by h20skier66 · 18 replies · 1,465+ views
    Commodity News Center ^ | 7/29/09 | Christopher Laird
    The latest in the Amero saga... I know it sounds impossible, but the world is being forced to a point of having to implement a one world currency. Or at least a one world currency among the major economies - maybe Tunisia might escape. But, ultimately, since the world economies are all linked now, none can stand alone whatsoever, so then the idea of individual currencies is fading. In fact, all individual currencies do now is cause trade and currency frictions, like the US complaining the Chinese are using a cheap Yuan to manipulate their trade to their advantage, and...
  • Bank of Korea Likely to Buy Gold for 1st Time in 11 Years

    07/05/2009 3:48:49 AM PDT · by TigerLikesRooster · 14 replies · 689+ views
    Donga Ilbo ^ | 07/04/09
    Bank of Korea Likely to Buy Gold for 1st Time in 11 Years JULY 04, 2009 10:02 The Bank of Korea has not purchased gold for 11 years, but is expected to go on a gold buying spree, as the world’s central banks have bought the commodity since the global economic erupted in September last year. A Bank of Korea official said yesterday, “The bank has begun to set up a plan to manage foreign exchange reserves for next year. It has also closely watched central banks in other nations and trends in the global gold market. Given the changing...
  • Gettlefools' Bet Gets Called: ALL IN!

    02/16/2009 6:18:24 PM PST · by An Old Man · 22 replies · 949+ views
    The Market Ticker ^ | February 15. 2009 | Karl Denninger
    Well well well. In an update to my "GM Goes Boom" Ticker, it appears that we may now have to ask: Did Obama grow a pair? "WASHINGTON - President Barack Obama plans to appoint senior administration officials — rather than a single "car czar," as had been discussed — to oversee a restructuring of the auto industry. Treasury Secretary Timothy Geithner and National Economic Council Director Lawrence Summers will oversee the across-the-government panel, a senior administration official said Sunday on the condition of anonymity because no announcement had been made. It has also been rumored that President Obama himself will...
  • China forex watchdog burnt by WaMu collapse

    12/31/2008 4:28:10 AM PST · by TigerLikesRooster · 4 replies · 420+ views
    Reuters ^ | 12/30/08 | George Chen
    China forex watchdog burnt by WaMu collapse Tue Dec 30, 2008 11:08am GMT By George Chen, Asia Private Equity Correspondent HONG KONG (Reuters) - China's foreign exchange watchdog, the State Administration of Foreign Exchange, will cut back on overseas equity buys next year after suffering major losses on the collapse of U.S. lender Washington Mutual, according to sources. Earlier this year, SAFE, which controls around $2 trillion of China's foreign reserves, agreed to invest up to $2.5 billion in fund of U.S. private equity giant TPG TPG.UL -- its first foray into a foreign private equity fund, people close to...
  • The Strong Dollar Illusion

    08/19/2008 2:36:35 AM PDT · by ovrtaxt · 128 replies · 307+ views
    Dollar Daze ^ | Aug 16 2008 | Peter Schiff
    The Strong Dollar Illusion By Peter Schiff Economists who now see American troubles spreading around the world are predicting that foreign central banks will ignore the gathering inflation threat and follow the Fed down the rate cutting path. Similarly, they argue that since the downturn began here, the U.S. recovery will likely be underway while the rest of world is still decelerating. These assumptions have prompted a rally in the dollar, a sell-off in gold, commodities and foreign stocks, and have cast doubts on the ability of foreign economies to "decouple" from the United States. Investors should not take...
  • Asian stocks savaged as dollar plumbs new depths

    03/02/2008 6:57:45 PM PST · by PghBaldy · 69 replies · 177+ views
    Reuters ^ | March 2 | Tom Miles
    HONG KONG (Reuters) - The dollar fell to a record low against a basket of currencies on Monday, dragging Asian stock markets down and compounding worries about a likely U.S. recession and more write-downs in the global financial sector. ADVERTISEMENT A sliding dollar boosted safe-haven bonds and sent gold to a record high in Asia. The dollar fell as low as 73.551 (^DXY - News) against a basket of six major currencies, taking it to the lowest since the index was started in 1973. It ploughed below 103 yen as a sell-off in Wall Street last Friday spurred an unwinding...
  • FOREX-Dollar falls vs euro as housing starts plunge

    10/17/2007 8:01:28 AM PDT · by ksen · 14 replies · 111+ views
    Reuters-UK ^ | 10-17-07 | Vivianne Rodrigues
    NEW YORK, Oct 17 (Reuters) - The dollar fell broadly on Wednesday after a report showed housing starts dropped to their lowest level in 14 years in September, adding to concerns that the housing market may drag on the U.S. economy.
  • Japan: Tokyo housewife hid 1.7 million pounds in forex gains(tax-hating granny fined)

    08/24/2007 8:45:59 AM PDT · by TigerLikesRooster · 7 replies · 529+ views
    Reuters ^ | 08/24/07
    Tokyo housewife hid 1.7 million pounds in forex gains TOKYO (Reuters) - A financially savvy Tokyo housewife who made 400 million yen (1.7 million pounds) trading in foreign exchange markets was fined on Friday for evading tax, a court official said. Yukiko Ikebe, 60, got a suspended jail sentence and was fined 34 million yen, after she used relatives' names to make her gains look smaller and avoid paying tax, NHK said. "She felt it was unfair to have to pay tax on her gains, when she made losses some years," NHK quoted the judge as saying. "She spent the...
  • Iran to replace dollar with euro in foreign deals

    12/18/2006 12:44:29 PM PST · by TheTruthAintPretty · 33 replies · 1,356+ views
    Breitbart.com ^ | December 18, 2006
    The Iranian government said it has ordered the central bank to transform the state's dollar-denominated assets held abroad into euros and use the European currency for foreign transactions. "The government has ordered the central bank to replace the dollar with the euro to limit the problems of the executive organs in commercial transactions," government spokesman Gholam Hossein Elham told reporters Monday. "We will also employ this change for Iranian assets (in dollars) held abroad."
  • Slovenia To Introduce Euro In 2007

    05/16/2006 3:26:24 PM PDT · by joan · 12 replies · 508+ views
    RFL/RL ^ | May 16, 2006
    BRUSSELS, May 16, 2006 (RFE/RL) -- Slovenia today became the first new EU member state to get the green light to join the EU's common currency, the euro. Meeting in Strasbourg, the European Commission ruled the country meets all the necessary criteria and can adopt the euro as of January 1, 2007. The Commission turned down the application of a second candidate for early entry, Lithuania, saying the country's inflation is too high.
  • FOREX-Dollar strikes 7-month low vs yen, seen vulnerable (One year low against euro)

    05/01/2006 2:05:39 AM PDT · by RWR8189 · 29 replies · 781+ views
    Reuters ^ | May 1, 2006
    TOKYO, May 1 (Reuters) - The dollar struck a seven-month low against the yen and a one-year low against the euro on Monday, extending a slide as the Federal Reserve appears set to soon end a two-year run of credit tightening. A renewed focus on U.S. deficits after last month's meeting of Group of Seven industrialised powers, worries about Iran's nuclear ambitions and deteriorating technical signals have pummeled the dollar across the board. The yen gained across the board on solid buying by foreign hedge funds and investment banks, while some Japanese players squared positions heading into the country's Golden...
  • China Hopes to Widen the Door for Overseas Investment

    03/01/2006 11:45:38 PM PST · by Rick_Michael · 3 replies · 218+ views
    Resource Investor ^ | 01 Mar 2006 | By Victor Wong
    SHANGHAI (Interfax-China) -- China is considering launching its QDII (qualified domestic institutional investor) program to balance its capital account, officials from the country's state forex regulator, the State Administration of Foreign Exchange (SAFE) said on Tuesday in Beijing. The QDII program, which opens the door for overseas investment by using forex accumulated within the country, will offset capital inflows to China, which pressure the country's currency the renminbi (RMB) to appreciate. However, Zou Lin, Director of the Capital Department under SAFE, stressed that the QDII program is still under research, rather than in a decided schedule. On the same day,...
  • Market Wrap Up - Mike Hartman

    03/01/2006 7:14:21 PM PST · by antaresequity · 8 replies · 358+ views
    FSO - Hartman ^ | 03/01/06 | Mike Hartman
    Home  l  Broadcast  l  Market Monitor  l  Top 10  l  Storm Watch  l  Sitemap  l  About Us Today's WrapUp by Mike Hartman 03.01.2006  Mon   Tue   Wed   Thu   Fri   Archive MARKETS TURN 180 DEGREES FROM YESTERDAY Tuesday’s closing bell had stock prices sharply lower, bond prices higher, and the dollar lower versus most major currencies, but today is a different story. Yesterday we saw a great deal of data depicting weakness in the U.S. economy, but today we see continuing strength in consumer spending, increased business spending, and more strength than was expected in U.S. manufacturing. The anchor on CNBC...
  • U.S. charges 47 in Forex probe (Update on old "Wooden Nickel" scam)

    01/31/2006 10:15:43 AM PST · by sully777 · 13 replies · 564+ views
    CNN/Money/Reuters ^ | November 19, 2003
    NEW YORK (CNN/Money) - Authorities announced charges Wednesday against 47 people, including traders from some of Wall Street's best-known firms, in a foreign currency trading scandal that officials say defrauded investors of millions of dollars...[snip] Meanwhile, the Securities and Exchange Commission also filed separate charges of fraud in federal court against Wall Street currency trader United Currency Group Inc. and its CEO, Adam Swickle, Wednesday...[snip] The defendants, he said, were part of the multimillion-dollar scheme that spanned all levels of the currency-trading market, from top traders down to "boiler-room operations," where financial professionals make phone calls to solicit individual investors......
  • Dollar rally gathers pace

    11/28/2005 3:14:40 AM PST · by RWR8189 · 3 replies · 655+ views
    Reuters ^ | November 28, 2005 | Natsuko Waki
    LONDON (Reuters) - The dollar hit a 27-month high against the yen on Monday and edged closer to recent two-year lows versus the euro and sterling as greenback buying on yield advantage gathered momentum after a long U.S. weekend. In the absense of major data on Monday, investors, coming back from the Thanksgiving holiday weekend, pushed the dollar higher in anticipation of further rises in U.S. interest rates. The euro kept a low profile as investors awaited European Central Bank speakers including chief Jean-Claude Trichet ahead of a widely-expected 25 basis point rate hike this week. But the outlook beyond...
  • Dollar Juggernaut Continues To Dominate Majors

    11/18/2005 3:35:20 AM PST · by RWR8189 · 9 replies · 816+ views
    Daily FX ^ | November 18, 2005 | Sam Shenker
    Technical Overview · British Pound Heads To 1.7000· Swiss Franc Sees 1.3500 In Its Future· New Zealand Dollar Fails To Capture .6900 Traders Corner:Reality or wishful thinking, it’s a very delicate balance when it comes to trading. As a trader I always learned not to let the wishful thinking cloud my judgment. I never let such notions as hopes and dreams distort the reality of the market. At one point when I found myself grasping at straws in a sinking trade I realized that no matter what I think, wish or hope, the market will do what its need to...
  • Dollar near 2-yr high vs euro and yen

    11/15/2005 2:22:58 AM PST · by RWR8189 · 14 replies · 1,734+ views
    Reuters ^ | November 15, 2005 | Eric Burroughs
    TOKYO (Reuters) - The dollar clung close to a two-year high against the euro and a 27-month peak versus the yen on Tuesday as more investors flock to the U.S. currency for its widening yield advantage. The yen came under pressure after Japanese Prime Minister Junichiro Koizumi made a rare comment on central bank policy, saying it was too early for the Bank of Japan to end its ultra-loose "quantitative easing" until deflation is defeated. Koizumi's remarks on Monday added to a chorus of government officials calling for the BOJ, which gained political independence just in 1998, to work with...
  • Dollar holds firm on Fed rate talk

    10/04/2005 3:50:59 AM PDT · by RWR8189 · 19 replies · 659+ views
    Reuters ^ | October 4, 2005 | Veronica Brown
    LONDON (Reuters) - The dollar remained firm on Tuesday near this week's three-month highs against the euro and 16-month peaks versus the yen as a Federal Reserve official joined the hawkish chorus on U.S. interest rates. The dollar also hit a two-month high against sterling and against an index of major currencies as investors priced in prospects for the Fed to press ahead with its 15-month credit-tightening campaign. Atlanta Fed President Jack Guynn told Reuters in an interview on Monday that the Fed's tightening campaign still has "a ways to go" before completion. Analysts said strong data, equity inflows and...
  • Canadian Dollar (Loonie) surges to 13 1/2-year high as crude oil futures spike

    09/19/2005 9:21:13 PM PDT · by M. Espinola · 18 replies · 2,816+ views
    The Canadian Press via COMTEX ^ | Sep 19th, 2005 | Rita Trichur
    The Canadian dollar surged to a 13 1/2-year high Monday - gaining almost a full U.S. cent - as a sharp increase in crude oil prices fired up gains against the U.S. greenback. The loonie was trading during the day as high as 85.74 cents US, up 0.9 of a cent from Friday's close of 84.84 cents U.S. It later closed at 85.57 cents US, up 0.73 cent,. "This is the highest we've been since the month of January 1992," said George Davis, chief foreign exchange technical analyst with RBC Capital Markets. "The market is starting to refocus on...
  • Canadian dollar touches 13-year high

    09/09/2005 6:21:54 PM PDT · by M. Espinola · 49 replies · 1,425+ views
    FINANCIAL POST ^ | September 9th, 2005 | Rita Trichur
    Canada's benchmark stock index achieved its highest close of the year Friday - a level not seen since the autumn of 2000 - as triple-digit increases were propelled by a fresh spate of corporate and economic news. The Canadian dollar touched at a 13-year intraday high, shooting above 85 cents US after a stable jobs report from Statistics Canada built on Wednesday's interest rate hike. ~snip~ The Canadian dollar ended the day at 84.93 cents US, up 0.32 cent - its highest close since November after retreating from its intraday peak of 85.27 cents US, a 13-year high. On Thursday,...
  • Euro Hits 13 Month Low Against Dollar

    07/04/2005 12:40:22 PM PDT · by M. Espinola · 17 replies · 681+ views
    Forbes ^ | July 4th, 2005 | Associated Press
    The euro hit its lowest level against the dollar in more than 13 months Monday after data painted a rosy picture of the U.S. economy and traders waited to see if the European Central Bank would cut interest rates later this week. The euro fell as low as $1.1888 in Europe - its lowest point since May 20, 2004, when it dropped to $1.1893 - before recovering slightly to $1.1900 in late afternoon trading. That's compared to $1.1947 in New York late Friday. The British pound slipped to $1.7611 from $1.7694. The dollar fell against the Japanese yen, to...
  • Euro breaks below $1.20

    06/24/2005 1:42:23 AM PDT · by RWR8189 · 22 replies · 974+ views
    Reuters ^ | June 24, 2005
    TOKYO (Reuters) - The euro fell below $1.20 for the first time in 10 months on Friday as traders bet that euro zone interest rates will eventually be cut and make the dollar an even more attractive destination for investors. A combination of Sweden's central bank slashing interest rates this week and the Bank of England moving closer to lowering rates has thrown the spotlight on the European Central Bank. ECB officials have held firm that current rates at 2 percent are appropriate, but political pressure has mounted on the euro zone's central bank to do something about the region's...
  • Dollar hits 9-month high vs euro

    06/13/2005 2:00:09 AM PDT · by RWR8189 · 20 replies · 1,802+ views
    Reuters ^ | June 13, 2005 | Natsuko Waki
    LONDON (Reuters) - The dollar hit a nine-month high against the euro on Monday, extending recent gains made after upbeat U.S. data and comments from Federal Reserve chief Alan Greenspan fanned expectations of more U.S. interest rate hikes. Finance ministers from the world's rich nations (G8) during their weekend meeting in London kept up pressure on China to move toward more flexible exchange rates, but produced no clues as to the timing. Following last week's better-than-expected U.S. trade data and Greenspan's comments that the economy was on a "firm footing," the market is looking to see if this week's figures...
  • Euro falls to 11-mth low versus yen

    06/07/2005 1:43:44 AM PDT · by RWR8189 · 6 replies · 566+ views
    Reuters ^ | June 7, 2005 | Brent Kininmont
    TOKYO (Reuters) - The euro hit an 11-month low against the yen on Tuesday, hurt by a bleak economic outlook for the euro zone and remarks by the European Central Bank chief which the market saw as a hint of interest rate cuts. The ECB will do "all it can" to reinforce consumer and business confidence, and economic reforms are fundamental to boost euro zone growth, ECB President Jean-Claude Trichet said in a discussion among central bankers from China, Europe and Japan in Beijing. "Trichet suggested that maybe he has to do something about interest rates," said a trader at...
  • Euro sinks further after ‘break up’ talk

    06/01/2005 2:43:59 PM PDT · by RWR8189 · 26 replies · 1,441+ views
    Financial Times ^ | June 1, 2005 | Steve Johnson
    The under-fire euro fell further on Wednesday, slumping to an eight-month low against the US dollar amid rumblings over the long-term future of the eurozone. The fresh selling was prompted by a report claiming that Hans Eichel, the German finance minister, and Axel Weber, the president of the Bundesbank, were present at a meeting at which the possible break-up of European Monetary Union was discussed. The German Bundestag is also said to have commissioned a report on the legal repercussions of a country wishing to leave the EMU. Germany’s finance ministry labelled the talk “absurd”, while Mr Eichel and Mr...
  • Euro dips on report of EMU discussion (Failure of the Euro Discussed)

    06/01/2005 3:03:20 AM PDT · by RWR8189 · 36 replies · 1,083+ views
    Reuters ^ | June 1, 2005
    FRANKFURT/BERLIN (Reuters) - The euro dipped sharply on Wednesday on reports that the possibility of a failure of European Monetary Union was discussed at a high-level meeting of German financial officials. A source who attended the meeting last week said Finance Minister Hans Eichel and Bundesbank President Axel Weber were present but that they did not take part in any discussion on the future of the system which gave birth to the euro. The Bundesbank said it would issue an official statement later on Wednesday in response to a report about the meeting in Germany's Stern magazine. Stern said the...
  • Euro falls to fresh 7-month lows vs U.S. Dollar

    05/31/2005 1:33:42 AM PDT · by M. Espinola · 75 replies · 1,274+ views
    TOKYO (AFX) - The US dollar surged to new seven-month highs against the euro in Tokyo, with the single currency still under pressure after French voters overwhelmingly rejected the proposed European Union constitution over the weekend, dealers said. In Asian morning trade, the euro tumbled to a seven-month low of 1.2369 against the dollar from around 1.2460 earlier and fell to 133.83 versus the yen, its lowest level since February 8. At 1.00 pm (0400 GMT), the euro stood at 1.2394 usd, compared to 1.2460 usd in Sydney and 1.2483 usd in European trade overnight. Against the yen, the...
  • Dollar touches new highs on strong data

    05/16/2005 1:12:17 AM PDT · by RWR8189 · 54 replies · 1,141+ views
    Reuters ^ | May 16, 2005 | Hideyuki Sano
    TOKYO (Reuters) - The dollar rallied to a seven-month high against the euro on Monday after a run of surprisingly upbeat data eased worries that the United States may not attract enough capital to fund its huge external deficit. An above-consensus rise in new jobs and retail sales in April and a narrower-than-expected trade deficit in March have fueled buying in the dollar, pushing the single European currency below its major support level this year. "Investors had preferred the euro. But now they are shifting some of their funds back to the dollar," said Takehiko Jimbo, a forex sales manager...
  • Dollar Is Stronger Against Euro

    03/01/2005 6:32:28 AM PST · by M. Espinola · 8 replies · 441+ views
    AP Online via COMTEX ^ | March 1st, 2005
    FRANKFURT, Germany, March 1st, 2005 (AP Online via COMTEX) -- The dollar rose Tuesday against the euro as traders looked ahead toward testimony from U.S. Federal Reserve Chairman Alan Greenspan expected to support the U.S. currency. The euro fell to $1.32 in early European trading, from $1.3250 in New York late Monday. The British pound was also down, trading at $1.9200 from $1.9220 on Monday. The dollar bought 104.58 Japanese yen, marginally more than 104.52 yen on Monday. Greenspan is to testify Wednesday before a U.S. congressional committee and analysts expect him to stress a strong dollar. The dollar slipped...
  • Dollar hits 3-month high against euro

    02/07/2005 2:11:32 PM PST · by RWR8189 · 10 replies · 1,605+ views
    Financial Times ^ | February 7, 2005 | Steve Johnson
    The US dollar rose to a three-month high against the euro on Monday amid further signs that market sentiment is warming towards the greenback, temporarily at least.The dollar moved markedly higher in US trade, with dollar bulls pointing to the unveiling of the US budget for fiscal year 2006, which reiterated President George W Bush’s intention to begin dealing with the burgeoning fiscal deficit.However while this appeared to be evidence of the “voice of fiscal restraint” alluded to by Federal Reserve chairman Alan Greenspan in a keynote speech on Friday, the budget contained little new.Paul Mackel, currencies strategist at...
  • Euro the Indomitable

    02/02/2005 5:27:26 AM PST · by nicollo · 9 replies · 478+ views
    Daily FX ^ | February 2, 2005 | y Boris Schlossberg
    Euro the Indomitable Wednesday February 2, 6:26 am ET By Boris Schlossberg strategist@dailyfx.com Despite registering the worst unemployment rate in Germany since World War II, despite suffering sharply lower German Retail Sales than expected, despite breaking the psychologically important barrier of 5 Million Germans without a job, the euro, like the Terminator, continued its relentless rise against the greenback, shrugging off the latest gloomy economic news. During most of the early European session, the euro held near the highs set in Tokyo as most FX dealers ignored the poor German data. Granted, the news was well known ahead of...
  • Dollar Risks Losing To Euro As Dominant Reserve Currency

    01/24/2005 11:22:46 PM PST · by M. Espinola · 38 replies · 1,157+ views
    The biggest chatter in the markets today is about the article in the Financial Times that talks about the shifting of central bank reserve positions from dollars to euros. This is something that we have warned about for some time now in previous editions of Daily Fundamentals as well as in our 2005 currency outlook. Russia has already announced their intentions to shift their mix of reserve allocations. The central banks of oil exporters in the Middle East have also reduced their dollar holdings over the past 3 years. According to the report, 90 percent of central bank portfolio...
  • China's forex reserves soar to record US$609.9 billion in 2004

    01/12/2005 5:30:50 AM PST · by snowsislander · 295+ views
    Channel NewsAsia ^ | January 12, 2005
    BEIJING : China's foreign reserves in 2004 soared to a record 609.9 billion dollars from 403.3 billion dollars in 2003 on the back of strong fund inflows and a burgeoning trade surplus, state press reported. The official National Business Daily, a newspaper owned by party mouthpiece the Liberation Daily, reported the record 206.6-billion-dollar increase, citing unnamed officials at China's central bank. In 2003, China's reserves rose by a then-record 160 billion dollars. The mainland holds the world's second highest foreign currency reserves after Japan, which in December hit a record 844.54 billion dollars.
  • Dollar Starts 2005 with Slight Gains

    01/03/2005 2:13:25 AM PST · by RWR8189 · 1 replies · 444+ views
    Reuters ^ | January 3, 2005 | Justyna Pawlak
    LONDON (Reuters) - The dollar rose slightly in the first trading session of 2005 on Monday, gaining more than a cent from recent record lows against the euro as investor selling paused ahead of U.S. economic data this week. However, analysts said persistent imbalances in the U.S. economy will likely continue to weigh on the dollar in 2005 after pushing the euro up about 8 percent to record highs last year. Later on Monday, the U.S. Institute of Supply Management's manufacturing survey is due. A Reuters poll forecast the index for December would edge up to 58.1 from 57.8 in...
  • High-Flying Euro Hits Record Peak Vs Yen

    12/30/2004 2:32:07 AM PST · by RWR8189 · 397+ views
    Reuters ^ | December 30, 2004 | Katie Hunt
    LONDON (Reuters) - The euro hit a record high against the yen on Thursday and remained within sight of this week's all-time peak versus the dollar as its bull run continued a thin market. The single currency rose above 141.60 yen in thin Tokyo trade, extending Wednesday's gains on technical moves and on concerns that Sunday's tsunami that has killed over 85,000 people around the Indian Ocean could hurt economic growth throughout Asia. "I think the tragic events that have occurred over the past few days in Southeast Asia may be having an impact on the yen," said Kamal Sharma,...
  • Euro Scores Another Record Vs. Dollar

    12/29/2004 3:59:13 AM PST · by RWR8189 · 14 replies · 829+ views
    Reuters ^ | December 29, 2004 | Justyna Pawlak
    LONDON (Reuters) - The euro set a record high against the dollar for the fifth session running on Wednesday and tested last year's lifetime high against the yen as investors' bearish views of the U.S. currency dominated markets. Trading volumes were thin in the holiday period between Christmas and New Year. There was also little news to turn investors' focus away from their worries about the burden of the U.S. current account deficit on the dollar and about the ability of the U.S. economy to attract enough money to plug this shortfall. "The euro has been strong for a few...
  • Dollar Teeters Above Recent Lows

    12/28/2004 2:32:56 AM PST · by RWR8189 · 371+ views
    Reuters ^ | December 28, 2004 | Christina Fincher
    LONDON (Reuters) - The dollar teetered within sight of the previous day's record low against the euro on Tuesday as the market remained confident central banks would not stand in the way of the greenback's decline. Mixed economic news from Japan had little market impact as traders remained fixated on the United States' huge current account deficit and the need for a weaker currency to correct it. The dollar is on track to notch up its third consecutive year of losses in 2004 and most analysts think its slide is not over yet. "There is a very strong consensus that...
  • Asian Shares, Currencies Slide on Tsunami

    12/27/2004 2:32:34 AM PST · by RWR8189 · 1 replies · 658+ views
    Reuters ^ | December 27, 2004 | Anne Marie Roantree
    SINGAPORE (Reuters) - Asian stocks and currencies fell on Monday after tsunami waves triggered by the world's worst earthquake in 40 years killed nearly 15,000 people and wreaked havoc on tourist beaches. The yen touched an 18-month low against the euro, falling with emerging Asian currencies as traders tried to assess the economic fallout from the disaster. Shares in travel-related companies fell across the board as the region counted the cost of tsunamis that devastated areas of Sri Lanka, southeastern India, Thailand, Indonesia and Malaysia. Thai shares fell 1.5 percent to lead losses in Asia, weighed down by a 3.5...