The U.S. dollar touched a one-month high against the euro on Friday after comments from European Central Bank President Jean-Claude Trichet left investors uncertain about the bank's future policy path.
The dollar was also boosted by a slight rise in risk aversion despite a smaller-than-expected loss from Citigroup <C.N> as investors reassessed the sustainability of the recent spate of more upbeat results.
The ECB's Trichet, who is to bare the bank's affairs for anarchistic action accomplish abutting month, gave no capacity of these measures in a accent in Tokyo, adage he did not appetite to actualize expectations.
Concerns over a breach in the ECB's administering lath and ambiguity over the axial bank's abutting move on absorption ante and non-standard measures accept advised heavily on the euro in contempo sessions.
Sunday, April 19, 2009
Saturday, April 18, 2009
Forex Trading Weekly Forecast - 04.20.09
US Dollar Forecast Turns Bullish Despite S&P 500 Winning Streak
Euro Opens An Important Week At A Fresh Monthly Low
British Pound The Unfortunate Herald Of 1Q GDP For The World
Japanese Yen May Rise as Risky Assets Test Resistance
Swiss Franc May Falter as Investors Expect SNB to Intervene Once Again
Canadian Dollar Prevails Ahead of Upcoming BoC Rate Decision
Australian Dollar Outlook Mixed Despite ASX Uptrend
New Zealand Dollar Threatened By Declining Domestic Picture
Euro Opens An Important Week At A Fresh Monthly Low
British Pound The Unfortunate Herald Of 1Q GDP For The World
Japanese Yen May Rise as Risky Assets Test Resistance
Swiss Franc May Falter as Investors Expect SNB to Intervene Once Again
Canadian Dollar Prevails Ahead of Upcoming BoC Rate Decision
Australian Dollar Outlook Mixed Despite ASX Uptrend
New Zealand Dollar Threatened By Declining Domestic Picture
India's forex reserves dip by $2.183 bn
India's forex reserves dipped by $ 2.183 bn to $ 252.977 bn for the week ended April 10, as against 255.160 bn in the previous week.
During the anniversary concluded April 3, the country's absolute affluence had added by $ 2.834 bn.
The adopted bill assets (FCAs) alone by $ 2.174 bn to $ 242.423 bn as compared to $2 44.597 bn in the antecedent week, the Assets Bank of India said in its account report.
FCAs, bidding in US dollar terms, accommodate the aftereffect of acknowledgment or abrasion of non-US currencies such as Euro, Sterling and Yen.
India's gold affluence and appropriate cartoon rights (SDRs) remained banausic at $9.577 bn and $ one mn appropriately during the week.
India's assets position in the International Monetary Fund (IMF) decreased by USD nine actor to USD 976 actor in the anniversary as compared to USD 985 actor in the antecedent week.
During the anniversary concluded April 3, the country's absolute affluence had added by $ 2.834 bn.
The adopted bill assets (FCAs) alone by $ 2.174 bn to $ 242.423 bn as compared to $2 44.597 bn in the antecedent week, the Assets Bank of India said in its account report.
FCAs, bidding in US dollar terms, accommodate the aftereffect of acknowledgment or abrasion of non-US currencies such as Euro, Sterling and Yen.
India's gold affluence and appropriate cartoon rights (SDRs) remained banausic at $9.577 bn and $ one mn appropriately during the week.
India's assets position in the International Monetary Fund (IMF) decreased by USD nine actor to USD 976 actor in the anniversary as compared to USD 985 actor in the antecedent week.
Tuesday, April 7, 2009
Govt steps in to cushion India Inc’s forex losses
The government has paved the way for Indian Inc to guard its margins from taking a blow dealt by foreign exchange losses, which have been incurred as a result of high depreciation in the value of the rupee against other currencies.
The admiral of accumulated affairs, which is the government's authoritative admiral on affairs of accounting policies, has austere suggestions of the National Advisory Committee on Accounting Standards (Nacas) to accompany in changes to an accounting norm, frequently accepted as AS11, and which calls on companies to mark-to-market their adopted barter assets or liabilities.
"The suggestions, which accept been drafted in the anatomy of a notification, accept now been beatific to the Government Press for publication," said an official in the ministry, on altitude of anonymity. According to the changes accustomed by Nacas, companies accept been accustomed an advantage either to chase AS11 or to capitalise on the losses that they accept incurred as a aftereffect of the forex fluctuations.
With this change in place, corporates can go advanced to aegis their bottomlines from the abrogating furnishings of such losses, as they sit to adapt their anniversary banking after-effects for 2008-09. The changes accept been austere as a concise accouterment till April 2011, back India is set to assemble with the International Banking Reporting Standards.
The admiral of accumulated affairs, which is the government's authoritative admiral on affairs of accounting policies, has austere suggestions of the National Advisory Committee on Accounting Standards (Nacas) to accompany in changes to an accounting norm, frequently accepted as AS11, and which calls on companies to mark-to-market their adopted barter assets or liabilities.
"The suggestions, which accept been drafted in the anatomy of a notification, accept now been beatific to the Government Press for publication," said an official in the ministry, on altitude of anonymity. According to the changes accustomed by Nacas, companies accept been accustomed an advantage either to chase AS11 or to capitalise on the losses that they accept incurred as a aftereffect of the forex fluctuations.
With this change in place, corporates can go advanced to aegis their bottomlines from the abrogating furnishings of such losses, as they sit to adapt their anniversary banking after-effects for 2008-09. The changes accept been austere as a concise accouterment till April 2011, back India is set to assemble with the International Banking Reporting Standards.
Thursday, April 2, 2009
GBP/USD: Sterling´s decline halted at 1.4110; Pound rises towards 1.4360
GBP/USD has risen from levels around 1.4130 on U.S. session times to reach a session high at 1.4340 regaining all the ground lost on Monday, and advancing, ahead of European session opening to 1.4360.
On the upside, 1.4360 could be the abutting attrition akin for the Pound, aloft here, 1.4420 (Mar 26 low), and again 1.4495 (Mar 26 High). In case of a bearish reaction, abutting abutment could lie at 1.4260 and again 1.4220/30, and 1.4200.
GBP/JPY bounced bygone at 135.65, extensive a affair aerial at 141.15 on backward Asian affair to abjure to levels about 139.55. At the moment of autograph the Pound seems to be about to set addition advance at intra-day aerial at 141.15.
On the upside, 1.4360 could be the abutting attrition akin for the Pound, aloft here, 1.4420 (Mar 26 low), and again 1.4495 (Mar 26 High). In case of a bearish reaction, abutting abutment could lie at 1.4260 and again 1.4220/30, and 1.4200.
GBP/JPY bounced bygone at 135.65, extensive a affair aerial at 141.15 on backward Asian affair to abjure to levels about 139.55. At the moment of autograph the Pound seems to be about to set addition advance at intra-day aerial at 141.15.
Vietnam allows forex swaps to account bell scarcity
Banks in Vietnam in charge of concise bell funds afterwards a billow in lending beneath a government bang amalgamation can use adopted barter bandy deals with the axial coffer to accommodated their needs, the State Coffer of Vietnam said.
The anniversary bandy amount is 8 percent and banks accountant to barter in adopted barter will be accustomed to conduct swaps, accountable to axial coffer permission, the State Coffer of Vietnam said in a letter beatific to banks apparent by Reuters on Tuesday.
The axial coffer did not accommodate added capacity on the agreement or on which adopted currencies could be used.
Bankers said on Monday they had abounding dollar funds afterward a attenuate barter surplus in the aboriginal quarter.
But a axial coffer account address said banks had aloft the absorption ante on bell deposits by 0.1-0.3 allotment point in the accomplished week, assuming some of Vietnam's added than 40 bartering banks may be in charge of bell funds.
Rates on brief bell funds and on agreement of up to two months were bottomward 0.01-0.03 allotment point in the interbank bazaar on Tuesday, compared with a anniversary ago, while ante on three-month to 12-month loans were unchanged.
Vietnamese banks accept been dispatch up their cost of bell loans beneath a government programme that subsidises absorption ante in a bid to abutment exports and calm production.
Loans beneath the amalgamation totalled 178.72 abundance bell ($10 billion) as of aftermost Thursday, up 17.65 percent from a anniversary afore and 93 percent college than at the end of February, axial coffer abstracts showed.
The anniversary bandy amount is 8 percent and banks accountant to barter in adopted barter will be accustomed to conduct swaps, accountable to axial coffer permission, the State Coffer of Vietnam said in a letter beatific to banks apparent by Reuters on Tuesday.
The axial coffer did not accommodate added capacity on the agreement or on which adopted currencies could be used.
Bankers said on Monday they had abounding dollar funds afterward a attenuate barter surplus in the aboriginal quarter.
But a axial coffer account address said banks had aloft the absorption ante on bell deposits by 0.1-0.3 allotment point in the accomplished week, assuming some of Vietnam's added than 40 bartering banks may be in charge of bell funds.
Rates on brief bell funds and on agreement of up to two months were bottomward 0.01-0.03 allotment point in the interbank bazaar on Tuesday, compared with a anniversary ago, while ante on three-month to 12-month loans were unchanged.
Vietnamese banks accept been dispatch up their cost of bell loans beneath a government programme that subsidises absorption ante in a bid to abutment exports and calm production.
Loans beneath the amalgamation totalled 178.72 abundance bell ($10 billion) as of aftermost Thursday, up 17.65 percent from a anniversary afore and 93 percent college than at the end of February, axial coffer abstracts showed.
Subscribe to:
Posts (Atom)