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Other Gulf currency forwards are also pricing in larger appreciations after Central Bank Governor Sultan Nasser Al Suweidi’s remarks in Tokyo. Yesterday one-year dirham forwards were -830, indicating an appreciation of 2. The UAE has ruled out following the example of Kuwait, which broke ranks with its neighbours in May and switched its peg from the dollar to currency basket, saying dollar weakness was fuelling inflation by making some imports more expensive. Qatar riyal forwards also widened to -452 for one year and -663 for two years yesterday, signalling markets expected an appreciation of 1. One-year Saudi riyal forwards were -430, meaning traders see a 1. read more

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Reuters is the world’s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters. Reuters journalists are subject to the Reuters Editorial Handbook which requires fair presentation and disclosure of relevant interests. read more

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The comments reflect growing European urgency over China's multibillion-dollar trade surpluses, an area where Washington long took the lead in lobbying Beijing for reforms. European leaders will press Beijing for action to lower barriers to foreign investment and to let its currency, the yuan, rise more quickly in value, Abou told reporters. The European Union is China's biggest foreign trading partner, ahead of the United States and Japan, but Europe has seen its deficit with China swell quickly in recent years. European companies say Chinese officials appear to be blocking them from expanding in finance and other industries in an attempt to nurture China's own companies, violating Beijing's free-trade pledges. Asked whether the EU would coordinate more closely with Washington and imitate the United States in filing more complaints against China in the World Trade Organization, Abou said Europe had no fixed group of allies and sometimes was opposed by the United States on trade issues. read more

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Business – Petron Q3 net profit up 7. Petron Q3 net profit up 7. MANILA, Philippines — Third-quarter net profit of oil refiner Petron Corp. Petron said export margins more than doubled and accounted for a fourth of its nine-month net profit despite a decline of around 7. Petron is equally owned by Saudi Aramco and the Philippine government with 40 percent stake each, with the remaining 20 percent held by the public. read more

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LONDON (Dow Jones)–The dollar is mostly lower in Europe Thursday as global equity markets continue to fall and risk aversion continues to rise. The latest global jitters, which were triggered Wednesday by heavy losses at General Motors and Morgan Stanley as well as fears about further subprime losses, initially helped to push the Dow Jones Industrial Index down 2. The main focus of market attention is now the press conference to be given by European Central Bank President Jean-Claude Trichet after the central bank’s latest policy meeting ends later in the day and the testimony to be given by Federal Reserve Chairman Ben Bernanke to Congress after that. Meanwhile, an early reversal in carry trades provided the yen with only short-term respite, with the Japanese currency swiftly renewing its slide after data showing that Japanese machinery orders fell 7. read more

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Reuters is the world’s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters. Reuters journalists are subject to the Reuters Editorial Handbook which requires fair presentation and disclosure of relevant interests. read more

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Oil breaches 98 dollars on weak US currency, energy reserves – UPDATE 1 – Forbes. SINGAPORE (Thomson Financial) – Oil prices powered past 98 US dollars in Asian trade Wednesday for the first time as the greenback sank to a new low amid expectations of further declines in US energy reserves. 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

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