Euro slightly higher ahead of US jobs report
The euro is slightly higher against the dollar as investors await a monthly jobs report for indications about the strength of the U.S. economy.
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Archive for 'Economic Developments'
Dollar faces gathering headwinds
Only a few weeks ago, the dollar was powering towards its highest levels in four years, the beneficiary of widespread gloom about Europe’s debt crisis and rising optimism about the US recovery.
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World Cup unlikely to drive South African rand
There may be reasons to go long the South African rand, but the World Cup isn’t one of them.
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Venezuela relaunches market for currency exchange
Venezuelan officials launched a new bond-trading system Wednesday that is meant to clamp down on speculation in the country’s controlled currency, setting a range of prices that makes dollars far cheaper than they were before trading was halted last month.
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US rivals ‘plotting to end oil trading in dollars’
China, Russia, Japan and several of the most powerful Gulf States are actively plotting to end the decades-old practice of buying and selling oil in dollars, the Independent claimed today.
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UN Panel wants G-20 to discuss new global reserve currency news
A United Nations panel has called on the Group of 20 nation to deliberate on fundamental reforms in the global financial system, including the formation of a new global currency reserve, considering the deep and prolonged economic crisis facing the world community.
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China, HK set up multi-currency payment system
China and Hong Kong plan to set up a multi-currency payment system between the two economies from next week in order to facilitate transactions between them, the People’s Bank of China (PBOC) said on Thursday.
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The pound not so sterling, Britain grapples with deepening recession
The British economy on Friday was officially declared in recession as a galloping economic crisis has driven down the value of the British pound to a 23-year low and threatened to remake the country’s political landscape.
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Euro Reaches Three-Month Low on Eastern Europe Banking Concern
The euro reached the lowest level against the dollar in three months on speculation financial turmoil in eastern Europe may deepen the recession in the 16 nations that use the currency.
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Rouble showdown looms as Russia braces for glum 2009
Russia’s central bank vowed to defend its floor for the rouble on Friday as the currency sank to fresh record lows and its Finance Minister outlined forecasts for a year of no growth and a hefty budget shortfall.
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