Archive for July 2008

ZAR Trades Near 6-Month High vs. Dollar

The rand of South Africa traded near its 6-month highest value against the U.S. dollar today before and after the report that showed acceleration in the producer price index last month.

Australian Dollar Falls on Housing Decline

The Australian dollar fell today to the the one-month lowest level against the U.S. dollar after the report of unexpected drop in housing approvals in June.

Building Approvals Slump in New Zealand

The New Zealand dollar fell significantly against the other currencies today after the release of the report that showed that the home-building approvals in the country declined to the lowest level in almost 22 years in June.

Dollar Falls vs. Euro, Yen on Recession Fears

As the investors feared that the U.S. financial institutions will continue to lose on the credit crunch and the oil prices rose, the U.S. dollar declined from its local maximums against euro and yen.

Yen Gains versus Euro on Stocks Decline

The Japanese yen gained against the euro and other currencies on the Forex market today, making this week the first bullish one since May, as the stock markets declined world-wide spurring sell-off on the carry trade market.

NZD at Lowest since January on Rate Cut

The New Zealand dollar fell to its 6-month low level against the U.S. dollar after the Reserve Bank of New Zealand cut the interest rate by a quarter percent point in its first rate reduction in the last five years.

Pound Drops on Blanchflower’s Comment

The Great Britain pound fell today against its major counterparts after the private report on July house prices decline and the commentary made by the Bank of England policy maker.

Chilean Peso is the Worst Performing Currency

The Chilean peso became the worst performing currency in the last three months as the inflation soared and the central bank kept supporting exporters.

Rand Goes for a Fifth Weekly Gain

The South African currency headed for its fifth straight weekly growth against the U.S. dollar today as the traders speculated on the higher demand for the local currency from the carry trade participants.

Yuan Declines for a First Time since Monday

The Chinese yuan showed the first declining day since Monday on Forex today as the traders were driven by the speculations that the government will let national currency weaken slightly to support exporters.

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