FOREX: Ringgit Likely To Be Firmer Against The U.S. Dollar Next Week
KUALA LUMPUR, (Bernama) — The ringgit is likely to trend firmer against the U.S. dollar next week, supported by brisk demand from foreign banks in anticipation of positive domestic economic fundamentals, dealers said.
They said that despite worries over rising inflation and crude oil prices, demand for the local currency is expected to remain strong. Read more
No commentsForex April reserves up slightly at $36.7B
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MANILA, Philippines — The country’s gross international reserves (GIR) rose slightly to $36.7 billion in April from $36.6 billion in the preceding month, central bank data showed Wednesday.
Foreign exchange inflows consisted mostly of the bank’s gains from foreign exchange operations, its income from investments abroad, as well as the government’s deposit of proceeds from a loan from the Asian Development Bank, the central bank said.
The latest GIR level covers 6.2 months of imports of goods and payments of services and income, central bank said.
The GIR reserves for April are equivalent to 5.2 times the country’s short-term external debt, based on original maturity, and 3.4 times based on residual maturity.
The central bank aims to boost the GIR level, including its holdings of gold and other foreign currencies, to a range of from $35 billion to $37 billion by the end of 2008.
($1 = P42.35)
Sources : Business
No commentsForex - Euro falls, pound surges as investors reassess rates outlook
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The euro continued to drop while the pound rallied, as investors reconsider their forecasts for interest rates in the euro zone and United Kingdom.
Softer economic data from the euro zone — with the German Ifo indicator falling unexpectedly on Thursday and M3 money supply easing to an annual rate of 10.3 percent in March — has cast doubt on the ability of the region to ‘de-couple’ from the U.S. recession and global financial crisis. Read more
No comments5 Most Important Events for the Forex Market This Week
Written by Terri Belkas, Currency Analyst
Normally, the release of US Non-farm Payrolls takes center stage in the forex markets, as the figure tends to spark significant volatility and can shape interest rate expectations for the Federal Reserve. However, Wednesday’s FOMC rate decision may steal the limelight, as futures are currently pricing in an 82% chance of a 25bp cut to 2.00% and an 18% chance that the Fed will leave rates unchanged.
No commentsFOREX-Euro backs off record high on weak PMI, ECB talk
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The euro retreated from a record high versus the dollar on Wednesday after a fall in manufacturing activity suggested that euro zone is starting to feel the pinch of a global slowdown and a strong currency.
Investors also sold the euro after a European Central Bank official toned down his hawkish comments, cooling speculation that the ECB’s next move on interest rates may be a rise, rather than a cut.
The RBC/NTC Eurozone Purchasing Managers Index for manufacturing dropped to 50.8 in April, its lowest in nearly three years. German manufacturing activity also fell, although both German and euro zone readings for the service economy rose. [ID:nL23902285]
“Manufacturing has dropped quite a bit and that has been the driver of growth in Germany … the euro is off a touch on it,” said David Pais, currency strategist at Citigroup. Read more
No commentsCMS Forex Goes Wireless with the Release of VT Mobile Trader
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CMS Forex announced the release of its Java based platform, VT Mobile Trader. This revolutionary application features comprehensive trading on cellular phones as well as other handheld devices. “VT Mobile gives our clients the same platform quality and advanced charting and technical analysis tools of VT Trader, but with the freedom to trade nearly anywhere at any time and with data updated in real time,” said Eugene Hawkin, COO of Capital Market Services, LLC. Read more
No commentsForex reserves jump $482 m to touch $314 bn
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Foreign exchange (forex) reserves rose $482 million to touch $314 billion during the week ended April 11. After a pile-up of almost $8 billion in the past two weeks, the growth in reserves has slowed down this week. The government, on the other hand, is withdrawing surplus cash parked with the central bank, which is adding to the liquidity in the system in the process. Read more
Ringgit Likely To Test New 10-year High Against U.S. Dollar Next Week
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KUALA LUMPUR, (Bernama) — The ringgit is expected to record new 10-year high against the U.S. dollar next week on the greenback’s weakness following market participants’ persistent fear over the fate of the U.S. economy, dealers said. Read more
Forex - Dollar struggles as risk appetite falls
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The U.S. dollar has been struggling against the yen as risk appetite has fallen following a slide in US stocks, prompted by weak earnings at the world’s biggest industrial conglomerate General Electric Co. Read more
No commentsForex reserves rise by USD 2,724 mn
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Forex reserves rose USD 2,724 million to touch USD 311,885 million as on Apr. 11, 2008, mainly due to the increase in foreign currency and assets collections, on a weekly basis.
As per the weekly statistical supplement of the Reserve Bank of India (RBI) released on Apr. 11, 2008, foreign currency and assets moved up USD 2,247 million to USD 301,394 million.
During the same period, the reserve position in the International Monetary Fund (IMF) reduced by USD 3 million to USD 434 million. While, gold reserves increased by USD 481 million to USD 10,039 million.
Foreign currency assets expressed in USD include the effect of appreciation or depreciation on non-US currencies (such as Euro, Sterling and Yen) held in reserves.
By IRIS
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