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October 8, 2008
by Elaine Frei
In an effort to try to control the damage to the global economy caused by the ongoing- financial crisis, the US Federal Reserve cut US interest rates half a percentage point to 1.5 percent while at the same time the European Central Bank cut its rate to 3.75 percent, the Bank of England reduced its rate to 4.5 percent, the Bank ...
October 7, 2008
by Elaine Frei
The pound weakened versus the euro Tuesday on the news that UK manufacturing output was down by 0.4 percent in August compared to July and after UK banks met with the government to discuss emergency funding for the banks, which could amount to up to £45 billion.
At early afternoon in New York, the pound traded at 77.75p to the euro while it ...
October 6, 2008
by Elaine Frei
The euro was hurt Monday by the spreading credit crisis, weakening on bailouts of European banks, even as the Japanese yen strengthened on a general retreat from risky carry trades, in which investors finance purchases of higher-yielding currencies with the low-yielding yen.
In late morning trade in New York, the euro was worth ¥137.0184 while the US dollar traded at $1.3516 to the shared ...
October 3, 2008
by Elaine Frei
The pound declined this week versus the US dollar as UK house prices continued to fall and on new numbers showing a contraction of the service sector.
The new data made it more likely that the Bank of England will cut interest rates by as much as half a percentage point when it meets next week.
In late morning trade in New York, the ...
October 1, 2008
by Elaine Frei
The US dollar gained on the euro Wednesday as demand for the dollar from foreign banks increased and in anticipation of a US Senate vote on a bailout plan for US banks.
In late morning trade in New York, the dollar traded at $1.4030 to the euro with the euro also hurt by expectations that the European Central Bank ...
September 30, 2008
by Elaine Frei
The euro was weaker versus the US dollar and the pound on Tuesday, with declines coming on the $9.2 billion rescue of Belgian-French bank Dexia (Euronext, DEXB, DX; LuxSE: DXB) after its shares fell 28.5 percent Monday.
In late morning trade in New York, the dollar traded at $1.4057 to the euro while the shared currency declined versus the yen to ¥149.0332 but ...
September 29, 2008
by Elaine Frei
The pound and the euro both saw declines Monday after governments had to bail out banks in the UK, Belgium, and Germany in order to avoid their collapse.
The UK treasury took over mortgage lender Bradford & Bingley (LSE: BB), with its branches and deposits to be bought by Spain’s Banco Santander (IBEX-35: SAN; LSE: BNC; NYSE: STD).
Meanwhile, Belgian bank Fortis (EuronextAMS: FOR ...
September 26, 2008
by Elaine Frei
The yen gained strength Friday after bailout talks faltered among US lawmakers after some Republican legislators refused to back the plan and after US savings and loan Washington Mutual (NYSE: WM) failed, becoming the biggest US bank to fall in US history.
Regulators took over the bank on Thursday and it was sold to JPMorgan Chase (NYSE: JPM) for $1.9 billion ...
September 25, 2008
by Elaine Frei
The pound strengthened Thursday on comments by a Bank of England official that highlighted the need to make inflation the Bank’s priority in setting policy after UK inflation grew again in August, rising to 4.7 percent.
The UK currency traded at 79.32p to the euro in morning trade in New York while it took $1.8482 to buy a pound and the yen was ...
September 24, 2008
by Elaine Frei
The Japanese yen was weaker Wednesday on more interest in carry trades after Warren Buffett’s Berkshire Hathaway (NYSE: BRK.A, BRK.B) said it will buy $5 billion worth of Goldman Sachs (NYSE: GS) shares.
At the same time, the US dollar weakened on the Fed offer of $30 billion to central banks in Norway, Sweden, Denmark and Australia, on the increased chance ...
September 23, 2008
by Elaine Frei
The US dollar gained on the euro on Tuesday in late morning trade in New York as investors decided that Monday’s 2.1 percent decline for the greenback against the shared currency on deficit concerns in light of the US government’s bailout plan was too big to hold.
Tuesday’s gains came as Federal Reserve Chairman Ben Bernanke and US Treasury Secretary Henry Paulson went into ...
September 22, 2008
by Elaine Frei
The US dollar declined Monday on concerns that the nation’s deficit could rise significantly if the government scheme to buy $700 in bad debt from banks is carried out, while the dollar was also hurt by forecasts that new data will show home sales and orders for durable goods were down again last month.
In late morning trade in New York, ...
September 19, 2008
by Elaine Frei
Currency moves Friday were driven by plans and anticipation of more plans by the US to rush legislation through Congress that is designed to shore up confidence in the financial markets and by a pledge from Treasury Secretary Henry Paulson to work through the weekend to firm up plans meant to return confidence in the markets.
Among other plans was one to use ...
September 18, 2008
by Elaine Frei
The US dollar declined versus the euro, hurt by a second day of higher oil prices and on more first-time unemployment claims in the US last week, while the yen declined on slightly increased appetite for higher-yielding currencies after the US Federal Reserve authorized other central banks to auction dollar to banks.
The dollar traded at $1.4375 to the euro just before ...
September 17, 2008
by Elaine Frei
The US dollar declined in relation to the euro and the yen Wednesday on concerns that an announced government bailout of US insurer American International Group (NYSE: AIG) will not do much to help the credit crisis, while the US currency was also hurt by the news that housing starts were down in August and building permits for future starts were ...
September 16, 2008
by Elaine Frei
The pound weakened Tuesday after the Mervyn King, the governor of the Bank of England, said in a letter to the Chancellor of the Exchequer that inflation in the UK will peak soon and then slow down in 2009, spurring speculation that the Bank will cut interest rates soon.
Mr. King wrote the letter, as required by law, to explain why inflation in ...
September 15, 2008
by Elaine Frei
The yen and the Swiss franc both strengthened Monday after Lehman Brothers (NYSE: LEH) was forced to declare bankruptcy after takeover talks failed and the US government wouldn’t step in to help, sending investors away from risky investments in higher-yielding currencies, while the also benefited from US insurer American International Group’s lack of success in seeking more capital that would allow it ...
September 12, 2008
by Elaine Frei
The yen was weaker Friday on a return to popularity of higher-yielding currencies as the possibility of a sale of Lehman Brothers (NYSE: LEH) was rumored.
At late morning trade in New York, the yen traded at ¥152.941 to the euro, at ¥107.7050 to the US dollar, at ¥193.018 to the pound, and at ¥16.047 to the Swedish krona.
The return ...
September 11, 2008
by Elaine Frei
The New Zealand dollar weakened Thursday after the central bank there cut interest rates to 7.5 percent, half a percentage point, with the Reserve Bank of New Zealand saying that the economy there is now in recession.
At late morning in New York, the kiwi was worth 64.68 cents US while it took ¥68.858 to buy a New Zealand dollar.
The ...
September 10, 2008
by Elaine Frei
The Canadian dollar saw early gains Wednesday on OPEC’s announcement that it will cut oil production, but those gains disappeared on new data that showed US oil and gasoline inventories dropped more than anticipated in the week ending 5 September, with the loonie trading at C$1.0734 to its US counterpart at just past noon in New York.
Meanwhile, the yen was ...
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