Archives for February 2008

LONDON (Thomson Financial) – The Canadian dollar strengthened against the US dollar following a strong set of employment data, which dampened hopes for a large interest rate cut at the Bank of Canada’s next meeting in March. 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. The content on this site, including news, quotes, data and other information, is provided by AFX News and its third party content providers for your personal information only, and neither AFX News nor its third party content providers shall be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Sitemap Help Contact Us Investment Newsletters Forbes Conferences Forbes Magazines Forbes Autos Ad Information Forbes. read more

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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. Live Quotes automatically refresh, but individual equities are delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges. Intraday data delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges. Intraday data provided by ComStock , an Interactive Data Company and subject to the Terms of Use . Historical, current end-of-day data, and splits data provided by FT Interactive Data . read more

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BANGKOK (Thomson Financial) – Thailand further relaxed its foreign currency controls, making it easier for individuals and corporations to invest overseas, the central bank said Tuesday. Thai subsidiaries can also invest or lend up to 100 million dollars to parent companies overseas, the Bank of Thailand said. The central bank also relaxed rules for companies and individuals buying property overseas, allowing real estate investments of up to 5 million dollars, up from 1 million dollars. 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. The content on this site, including news, quotes, data and other information, is provided by AFX News and its third party content providers for your personal information only, and neither AFX News nor its third party content providers shall be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. read more

[Tags]news, content, dollars, forbes, overseas, thailand, forex news[/Tags]

DUBAI – The United Arab Emirates is likely to revalue its currency against the flagging dollar in a bid to bring down inflation and meet criteria for a single Gulf currency, an industry report said on Monday. It is “most likely that the UAE central bank will revalue the dirham against the US dollar in line with other GCC currencies,” the Dubai Chamber of Commerce and Industry (DCCI) said. Oil-rich Gulf Cooperation Council (GCC) member states Bahrain, Kuwait, Qatar, Saudi Arabia and the UAE have set 2010 as the target date for adopting a monetary union and single currency. The DCCI said that while GCC states have met several convergence criteria in preparation for monetary union — including levels of public debt, budget deficits, interest rates and foreign reserves — the criteria set for inflation rates have not been satisfied. Since May, when Kuwait dropped its dollar peg and adopted a basket of currencies, there has been constant speculation that the UAE and Qatar would follow suit or revalue their currencies. GCC states, which are US allies, are experiencing high growth rates of between four and eight percent because of rising oil revenues that have boosted liquidity to new levels. read more

[Tags]gcc, currencies, inflation, uae, , criteria, forex news[/Tags]

Over the last year through mid-January, the dollar has depreciated about 9 percent against the euro, 10 percent against the rupee and 12 percent against the Chilean peso, said Jay Bryson, global economist at Wachovia. Tour Operators Association serving Europe and Britain said their prices would increase up to 15 percent because of the weak dollar, a December survey showed. The roughly 5 percent surcharge imposed by Globus is less than the 10 percent devaluation of the dollar against the euro since it priced its vacations in June. After Globus announced its currency surcharge, a flurry of tour operators including Brendan Worldwide Vacations, Insight Vacations and Collette Vacations sent out news releases emphasizing that they did not plan to levy currency surcharges. read more

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In the earlier week, the reserves had increased by $3. The forex reserves have been seeing a rise for quite a few weeks now, mainly because the RBI has been buying dollars to keep the rupee from appreciating. In the week under consideration, foreign currency assets increased by $3. Foreign currency assets, as expressed in dollars include the effect of appreciation or depreciation in non-US currencies (euro, sterling and yen) held in reserves. SDRs increased by $6 million to touch $9 million and the country’s reserve position in the IMF increased by $1 million to touch $434 million. read more

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