Archives for November 2007

Main Fortune Small Business 100 Small Cap Investing – Top 50 Ultimate Resource Guide Top Schools for Entrepreneurs 5 Best Bosses Which States Love Small Biz? Others think the dollar could enjoy further gains over the coming days and weeks if the markets reverse their aggressive Fed rate cut expectations for 2008. The dollar’s resilience will be tested somewhat later today when US data on personal incomes and personal expenditures are published, followed by the Chicago manufacturing PMI survey. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News. read more

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Go elsewhere ———————– News Business Market Watch Metro Sports Lifestyle Entertainment Technology Education Mind Our English Columnists Photos Video Clips Last 7 Days 30-Day Archive RSS Mobile Edition What’s Hot Write to Us ———————– MyStar AllMalaysia. The move will give exporters greater control and flexibility in managing their foreign currency cash flow and more effectively settle their domestic and overseas transactions. Governor Tan Sri Dr Zeti Akhtar Aziz told a press conference that the objective was to enhance local companies' competitiveness, by allowing them to settle their transactions effectively. The ringgit was banned from being traded offshore in 1998 and was pegged to the US dollar, as part of the currency control introduced to put off currency speculators. She added that the focus now was on developing a vibrant and well-developed foreign exchange market in Malaysia. read more

[Tags], currency, control, effectively, foreign, market, forex news[/Tags]

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Many companies had built short positions through exotic deals with banks, taking a call that these currencies would fall against the dollar. Unlike stock or regular dollar-rupee trades, this is a more opaque, synthetic market where corporates punt on currencies through one-to-one deals with banks. But while these derivatives ?” sold under exotic names like target redemption notes, range accruals and options barrier ?” lower the interest outgo on loans and may even generate upfront income, corporates take a hit when the currencies start appreciating. While such naked bets are in violation of rules, corporates often hide the positions by cutting deals with multiple banks. Significantly, the present development is not exactly an outcome of any mis-selling of derivatives products by banks where the client is ignorant of the risks being taken; many corporates who have bought them to take large positions have sophisticated treasuries. read more

[Tags]corporates, currencies, deals, banks, dollar, positions, forex news[/Tags]

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Falling commodity prices, rising risk aversion, and now the threat of currency de-pegging by oil exporters, are all expected to take their toll. Neil Mellor, a senior currency strategist at Bank of New York in London, said the increased negative news flow has clearly refocused minds on the outlook for growth and away from inflation – "which we believe has been fueling the likes of the Australian, Canadian and New Zealand dollars. Last week, the final straw for commodity currencies appears to have come from signs that the subprime crisis may well drag on for some time yet and take more of a toll on global growth prospects than initially expected. Favorable terms of trade developments have shielded their external balances from any damage from currency strength, but the deficits remain large," noted Daragh Maher, a senior currency strategist with Calyon Credit Agricole in London. As oil exporting countries in the Gulf region have made clear in recent weeks that their currency pegs against the dollar are under severe pressure as the dollar’s decline creates inflationary costs and threatens their buoyant economies with a sharp downturn. Early Monday in Europe, the dollar was under pressure once again as Group of 20 finance ministers meeting in Cape Town over the weekend failed to make any specific concerns about its recent slide, and OPEC ministers meeting in Riyadh faced calls from Iran and Venezuela to consider pricing crude prices in currencies other than the dollar. read more

[Tags]currencies, currency, dollar, global, prices, commodity, forex news[/Tags]

Sterling was hit hard across the board last week on renewed expectation for further rate cut from BoE after dovish Inflation Report. Bernanke’s emphasis on headline inflation raised some doubts on whether Fed will cut rates in Dec as markets expected. The turning point was the BoE Inflation Report, which forecasts that inflation in UK will settle at its target of 2. Despite recent hawkish comments from Fed members, interest rate futures are still pricing over 80% chance of a Dec rate cut from Fed and will look into the publication on Tuesday for further adjustments. Markets are expecting BoE to cut rates in as early as Q1 after last week’s dovish BoE Inflation Report and will look into the vote split and views of the MPC members to further solidify this view. Other data include German PPI, GDP, Eurozone Current Account, industrial orders and PMI manufacturing and services indices, Swiss Trade Balance and Japan Trade Balance. read more

[Tags]inflation, data, term, week, 0, boe, forex news[/Tags]

OTTAWA–The strong Canadian dollar sent factory sales tumbling in September, yet another indicator that the loonie’s surge is beginning dampen economic growth. The factory numbers came a day after the Bank of Canada’s Paul Jenkins warned that Canada’s economy will feel the pinch if the loonie remains this high. Nash called for targeted tax breaks to stimulate production in the most acutely affected industries, and said governments should strive to purchase from Canadian rather than foreign suppliers. The Canadian Manufacturers and Exporters and the Canadian Auto Workers have called on the Bank of Canada to lower interest rates to dampen the dollar. read more

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