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Latest Currency News Continued - page 533

Welcome to Currency News. Our aim is simple: deliver expert financial comment and analysis on the world currency markets and exchange rates. The latest currency news, exchange rate forecasts, currency predictions and forex data at your fingertips. International payments? Maximise your foreign currency transfers today.

Latest Currency News Headlines

South African Rand Bucks Recent Downtrend

8 Feb 2011 at 4 PM - Written by John Cameron

The Rand has suffered significant losses against all the majors over the last six weeks. Since the turn of the year, the Rand has weakened from 6.58 against the US Dollar to trade above 7.31 at the end of last week. These losses have been partly attributable to comments from policy makers in South Africa who suggested that a weaker Rand was desirable. This has led to rumours in the market that the South African Central Bank is...

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Norwegian Krone Suffers as Crude Oil Drops

8 Feb 2011 at 3 PM - Written by John Cameron

The Norwegian Krone has suffered a poor seven days on the currency markets as it continues to give up some of the gains it has made over the last two months. At the end of last November, the Krone was trading at above 6.2000 against the US Dollar on the wholesale markets. It briefly broke down through 5.7000 last week on the same market, but recovered to trade at 5.8000 yesterday. These near term losses have been primarily...

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Chinese Rate Hike Hurts the Canadian Dollar

8 Feb 2011 at 3 PM - Written by John Cameron

The Canadian Dollar has lost ground against the 16 most-traded currencies following China’s decision to raise its interest rates for the third time since October, 2010. The People’s Bank of China announced that its headline 12 month lending rate will increase to 6.06 percent from 5.81 percent, as of tomorrow. The one-year deposit rate is set to increase to 3 percent from 2.75 percent. Last night’s Chinese rate...

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Kiwi Dollar Gains as Risk Sentiment Spikes

8 Feb 2011 at 2 PM - Written by John Cameron

The New Zealand Dollar gained ground against a basket of currencies during last night’s Asian session. This was largely thanks to a positive Asian equities session, which saw the MSCI Asia Pacific Index gain 0.5%. This forward move for Asian stock markets was largely driven by last night’s better-than-anticipated Japanese Trade figures. Analysts had expected the Japanese current account surplus to grow by ¥1,130.0Bn in...

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US Dollar is Weighed Down by Improved Risk Sentiment

8 Feb 2011 at 12 PM - Written by John Cameron

Initial impressions of last Friday’s Non-Farm Payroll figure for January were that it showed a concerning underlying weakness in the US labour market. At face value, the headline figure of 36,000 new jobs being created in the month versus analysts’ expectations of 146,000 was highly disappointing. The US Dollar gained ground across the board immediately after the release as risk sentiment in the markets ebbed. However, the...

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Upturn in Risk Appetite Hurts US Dollar

8 Feb 2011 at 9 AM - Written by John Cameron

The US Dollar lost ground against the majority of major currencies during last night’s Asian session. Asian equity markets traded into positive territory, signalling an upturn in appetite for risk which in turn caused institutional investors to move away from the safe-haven of Dollar-denominated assets. The improvement in risk sentiment was partly due to the better-than-expected Japanese Current Account figure for December...

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Australian Dollar Claws Back Losses

8 Feb 2011 at 9 AM - Written by John Cameron

The Australian Dollar lost ground during early trading this week. This renewed weakness was partly driven by disappointing Australian retail sales figures. Friday’s U.S. Non-Farm Payroll figures had a significant effect on the Australian Dollar’s as traders adjusted their US Treasury Bill positions to take account of seemingly soft US Labour market data. This caused the Australian Dollar to lose ground. Trading was...

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Swiss Franc Rally Runs Out of Steam

8 Feb 2011 at 9 AM - Written by John Cameron

There was no significant data released yesterday in Switzerland. This meant that additional significance was attached to this morning’s Swiss Unemployment figure for January. Switzerland currently enjoys one of the lowest rates of unemployment of all of the world’s major economies – it currently sits at 3.8%. This morning’s figure showed no change in this rate, which provided some very short-term support for the Franc....

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Positive Trade Figure Boosts Yen

8 Feb 2011 at 9 AM - Written by John Cameron

The Yen continues to trade in a classic medium-term up trend against Sterling, strengthening from above 160 in 2009 to break down through 130 at the end of January. Since mid-2007, the Yen has made even more strident gains against the USD, strengthening from 124 to a near-term high of 82. Although there has been some profit-taking since the Yen reached its near-term highs, many analysts predict that the sideways trading...

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Sterling Supported by Upbeat Figures

8 Feb 2011 at 9 AM - Written by John Cameron

The Pound saw a near-term rally in the early part of the week as it continued to recover from poor Quarter 4 growth figures. The January PMI figure, released at the end of last week, showed that the key UK Service Sector returned to growth. Last week also saw the release of positive manufacturing and construction data, leading to commentators to predict that the recent negative growth figure does not signal the beginnings of a...

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