It was the fourth time Kuwait has changed its dinar rate this year, the first revaluation coming on May 20 when the Middle East’s fourth largest oil exporter dropped its peg to the US currency and adopted a basket of currencies. Simon Williams, an economist at HSBC in Dubai, said the depreciation just a day after letting the dinar appreciate against the dollar could be a sign that having boosted the value of the dinar to a target level, Kuwait’s currency basket regime has been brought into effect. Williams said that if the currency basket has been activated, there would now be small changes in the value of the dinar against the dollar on a regular basis to reflect changes in the relative values of the world’s major currencies. The dollar rose sharply on Wednesday, brushing off weak US homes sales data and posting its biggest daily gain in a year against a basket of major currencies as traders covered short positions after the dollar index hit a 15-year low. read more

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LONDON (Thomson Financial) – Kuwait’s decision to allow its currency to appreciate against the dollar for the second time in a month has led to renewed speculation that other Gulf oil producing nations will follow suit. PK – news – people ) of Kuwait announced it was lifting the dinar’s exchange rate against the dollar by around 1. PK – news – people ). The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX 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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July 23 (Bloomberg) — Canadian Finance Minister Jim Flaherty told Business News Network he won't interfere with markets to keep the country's dollar from appreciating. Commodities such as oil, natural gas and copper account for about half the value of Canada's total exports. The currency today rose to 95. Abitibi Second-Quarter Net Income Falls 5. read more

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During the spring of 2007, participating FOREX Bank employees were able to verify their card transactions via their mobile phone. This new solution, developed by MobiClear and FOREX Bank, provides the card user more control over their purchases. Both MobiClear and FOREX Bank agree that this is a great step toward increasing the security and comfort level of card users for ATM withdraws and online and in-person store purchases. FOREX Bank offers currency exchange, cash handling, and private banking services at convenient hours, from well situated locations, at the best rates and the lowest service charges. FOREX Bank has, through the acquisition of X-Change in May 2007 (the second biggest currency company in the Nordic region), over 110 branches and plans to expand further, with branches in cities where they are already located as well as in new locations. read more

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July 23 (Bloomberg) — The dollar was little changed against the euro after rebounding from a record low as charts that some investors use to predict currency movements suggested its decline was too rapid. The difference in the number of wagers on an advance in the euro compared with those on a drop versus the dollar — so- called net longs — fell to 99,185 on July 17, compared with 102,896 a week earlier, figures from the Washington-based Commodity Futures Trading Commission show. The euro earlier rose to a record high versus the dollar after European Central Bank Executive Board member Lorenzo Bini Smaghi indicated in an interview with the Italian news program TG1 today that he sees no reason for concern over the European currency's appreciation, saying it reflects the strength of the 13-nation region's economy. The yen earlier touched the highest in more than six weeks against the dollar after Asian stocks fell, spurring traders to scale back investments in emerging-market assets funded by borrowing in Japan. The yen has dropped 16 percent against New Zealand's dollar and 14 percent against the Australian currency so far this year. read more

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Forex – Dollar off fresh low against euro with no let-up in US subprime concerns – Forbes. LONDON (Thomson Financial) – The dollar was just off a fresh all-time low against euro, with little sign of a let-up in concerns surrounding the US subprime sector. PK – news – people ) is expected to hike at least once more in the months leading up to year-end,’ said John Noonan at Thomson IFR Markets. The Japanese currency firmed on Friday as appetite for the risky carry trade – where investors borrow in low-yielding currencies to invest in high-yielding ones elsewhere – waned due to concern about movements in the credit markets. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX 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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