By: admin 18 October 2008 view: 26

Iran, Venezuela Concerned with Weak Dollar

OPEC summit, which is to be held this weekend, could become a field of discussion of possible dollar abandonment as the official OPEC’s oil currency. Iran and Venezuela, concerned with the dollars continuous fall against other world currencies, are interested in changing oil pricing to other major currencies.

Putting this question to the OPEC’s summit discussion list is in the interest of both of those countries. But Saudi Arabia, OPEC’s largest oil exporter and one of the closest U.S. allies in the Middle East, views such attempts as more ... >

By: admin 18 October 2008 view: 30

Korean Won Recovers from Record Low

South Korean wonThe South Korean won rose today against the U.S. dollar, after posting a largest drop in more than 10 years yesterday, as the financial markets showed growth in U.S. and Asia.

The country’s central bank said that it will be working with the local banks directly to provide the needed foreign currency liquidity. Analysts believe that the Bank of Korea should guarantee the foreign debts of the banks so that they could attract the funds overseas.

By: admin 18 October 2008 view: 22

Malaysian Ringgit at 21-Month Low

Malaysian RinggitThe Malaysian ringgit declined to the lowest level in more than 21 months today as the concerns about the global economy growth rose and the stock markets tumbled world-wide.

This Asian currency fell yesterday and continued to weaken today after the U.S. retail sales were reported with a biggest drop in the last 3 years yesterday. U.S. and European stock markets posted large losses last trading session and the Asian stock markets dropped at a nearly record pace today.

The ongoing recession in U.S. produces a damaging effect on the Asian export industry, providing another problem for the risk-averting investors.... >

By: admin 18 October 2008 view: 33

Australian Dollar Falls on Stock and Oil Drop

Australian dollarThe Australian dollar fell today against the Japanese yen after the U.S. stocks failed to demonstrate Monday’s growth and the Japanese Nikkei showed poor dynamics during the earlier Asian trading session.

Despite the $3 trillion dollar liquidity injection planned by the global governments, equity and commodity markets fail to return to the stable growth. The concerns that the financial authorities are incapable of helping the world’s markets push the Australian dollar down against the less risky currencies... >

By: admin 18 October 2008 view: 89

Yen Loses Ground after European Bailouts

Japanese yenThe Japanese currency fell for a third day today after the the investors gained more confidence that the governments of the developed countries will bailout the troubled banks and will pour out liquidity into the financial markets as needed.

Australian Prime Minister Kevin Rudd said that the government will spend more than $7 billion to the households to support spendings and mortgage payments. U. S. Treasury will buy stakes in the country’s largest banks, while the European governments will offer $1,8 trillion in loans to their troubled banks.

The world’s monetary authorities are trying to... >

By: admin 18 October 2008 view: 43

Bank Guarantees Help Euro to Rise

EuroThe European currency rose today at the highest rate in the last three weeks against the U.S. dollar after the European leaders pledged to guarantee bank borrowings.

The euro rose with a pretty large gap from the Friday’s close level against the U.S. currency and rose a little during the trading session itself. Euro declined against the pound, which was spurred by the same news but with a greater force. Against the Japanese yen the euro also opened with a huge positive gap, but during the trading session demonstrated a moderate decline.

The leaders of the fifteen Eurozone countries said that... >

By: admin 18 October 2008 view: 61

CAD Weakest since March 2007 on Oil Slump

Canadian DollarThe Canadian dollar fell to the weakest level against the U.S. dollar in more than 18 months after crude oil and commodity prices fell significantly on speculation that the global demand will decline.

This week showed traders the fastest decline of the Canadian dollar against its U.S. counterpart — it lost more than 7.3 percent in three and a half days so far. Last week it depreciated about 4.5 percent, which was also an untypical single week decline for the Canadian currency...>

By: admin 18 October 2008 view: 28

Rupee Falls to Record Low on Rate Cuts

Indian rupeeThe Indian rupee fell to the new record low level versus the U.S. dollar today as the foreign investors pulled out capital out of the country’s markets amid deepening of the global financial crisis.

The rupee has already dropped about 2.6 percent against the dollar this week. The country’s central bank cut the interest rate by 50 percentage points on Monday and additional 100 percentage points today, for the total of 150 percentage points — down from 9 percent to 7.5 percent.

The rupee leads the Asian currencies’ worst performers as the previous fastest depreciating currency, Korean won, recovered from the absolute minimum. Foreign investment outflow from... >

By: admin 18 October 2008 view: 40

Yen’s Gains Reverse after Massive Rate Cut

Japanese yenThe Japanese yen fell against other major currencies today after reaching record highs yesterday as the massive rate cut by the world’s major central banks inspired some confidence in the stock markets.

The yen also declined versus its traditional carry trade counterparts — such as Australian and New Zealand dollars. Not like the carry trade began to attract the investors again, but the risk-aversion is not a trend-setter now... >

By: bialy113 18 October 2008 view: 10