Global Currency News

Currency exchange ‘making euro destinations more affordable’

admin — Sat, 07 Aug 2010 15:09:17 +0000

Currency exchange rates for sterling are making European destinations more affordable for Britons.

This is according to a report from Halifax, which found that the pound has risen against the euro by over five per cent since February this year.

However, Malaysia and Japan were found to have increased in cost for Brits as sterling has fallen against the ringgit and the yen. Source

Weak Dollar Should Give Pound Last Run

admin — Sat, 07 Aug 2010 15:05:20 +0000

Sterling will have one last burst of buying that should send it sailing over $1.60, especially if the dollar remains as weak as it has been. After that, though, economic realities will hit home and support for the U.K. currency will wane.

For the moment, stronger than anticipated U.K. data, good bank earnings and favorable merger and acquisition flows are all helping the pound to extend the two-and-a-half month rally that has brought it up from under $1.4300. Source

Euro slightly higher ahead of US jobs report

admin — Sat, 07 Aug 2010 15:04:35 +0000

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.

The 16-nation currency rose to $1.3196 in Friday morning European trading from $1.3179 in New York late Thursday. Source

Forex reserves jump $1.2 bn to 6-month high

admin — Sat, 07 Aug 2010 14:51:20 +0000

Foreign exchange reserves rose by $1.25 billion to their highest since January, during the week ended July 30, largely due to revaluation of non-dollar assets in reserves, according to the Reserve Bank of India (RBI).

The country’s forex reserves rose by $1,245 million in the week ended July 30. The reserves are at $284.18 billion. Foreign currency assets, comprising dollars, British pounds and euros, among others, rose $1.837 billion during the week. Source

Forex trading down on sterling as industrial output falls

admin — Sat, 07 Aug 2010 14:50:49 +0000

Forex trading on sterling was depressed today (August 6th) as UK industrial output results proved worse than predictions, it has emerged.

The pound lost ground against both the dollar and the single European currency as data on industrial production showed it fell half a percentage point in June, despite forecasts of a 0.2 per cent expansion, reports Reuters. Source

Dollar faces gathering headwinds

admin — Sat, 07 Aug 2010 14:49:57 +0000

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.

Since then, investors have soured on the world’s largest economy. The dollar has tumbled 9 per cent on a trade-weighted basis in two months, and on Wednesday fell to Y85.29, within a whisker of a 15-year low. Source

Deutsche Bank to Offer Two Currency ETFs in London

admin — Sat, 07 Aug 2010 14:48:53 +0000

Deutsche Bank AG started two exchange-traded funds linked to its DB Currency Returns Index on the London Stock Exchange, seeking to gain institutional clients looking to invest in currencies.

The bank is offering one fund in dollars and another in pounds. An existing version of the fund in euros has garnered about 250 million euros ($329 million) in two years, 90 percent of which came from institutions such as private banks, hedge funds and pension funds, according to Manooj Mistry, who runs Deutsche Bank’s ETF business in the U.K. Source

What is Forex currency trading is all about?

admin — Sat, 10 Jul 2010 13:59:17 +0000

What is Forex currency trading is all about? Are you really looking for some valuable information or a satisfying answer to this? Do you really want the foundation knowledge about this? Let us have a brief education about what Forex really is.

You will here find an introduction that will serve you the proper picture as to what Forex trading is all about. Apparently, every experienced Forex trader today was once an amateur. They all started from learning the simple definition of Forex and gradually progressing and mastering the basic terms and terminologies associated with ‘Forex Currency trading’. Source

Why China’s currency has two names

admin — Sat, 10 Jul 2010 13:58:37 +0000

China has indicated that it will allow its currency to appreciate – following months of pressure from the US. Some refer to the currency as the yuan, others call it the renminbi. Who is right?

Both names are perfectly good, but in slightly different ways. “Renminbi” is the official name of the currency introduced by the Communist People’s Republic of China at the time of its foundation in 1949. It means “the people’s currency”. Source

Facebook to launch virtual currency

admin — Sat, 10 Jul 2010 13:57:51 +0000

Facebook is partnering a Malaysian company to sell credits at retail outlets across Asia for the first time, aiming to make it easier for millions of people to purchase virtual goods and play games on the social networking site while boosting revenue for developers.

Electronic payments company MOL – part of the business empire of tycoon Vincent Tan – will offer the online currency from the beginning of August at more than 500,000 outlets including 7-Eleven stores and internet cafes in five south east Asian countries, as well as India, Australia and New Zealand, company spokesman Nor Badron said. Source