The U.S. dollar declined today against other major currencies as the International Monetary Fund stated that there are still serious risks to the global financial market connected with the U.S. real estate crisis.
The Chinese yuan continued its record breaking growth against the U.S. dollar after a month-long pause today and rose to a new maximum level since the scrapping of the yuan-dollar peg in 2005.
The Asian currencies fell this week as the oil prices surged and the rising inflation concerns forced foreign investors to cut the inflow of liquidity into this region.
The Japanese yen continued its growth today after the late yesterday release of the GDP report showed that the gross domestic product rose much better than everyone expected.
The New Zealand’s currency continued its extremely fast drop against the other major currencies today after the retail sales report was released yesterday at 22:45 GMT.
The United Europe’s currency gained a new strength on the Forex market today after the German quarterly GDP data was released and the investors got more confidence in the ECB’s hawkish stance.
The U.S. dollar extended its gain against other major currencies on Forex today as the investors expect higher April CPI figures from the report that will be released today at 12:30 GMT.
According to the research paper, released by United Overseas Bank Ltd., the yuan has a strong chance to appreciate further this year to the total of 11 percent gain against the U.S. dollar in 2008.
The Great Britain pound rose today against the U.S. dollar and the euro, partially recovering its losses from the last week, as the record high PPI growth added confidence that the Bank of England will not lower interest rates next time.
The South Korean won declined to its lowest level since November 2005, as the country’s central bank said that the weaker currency will be helping against the economic stagnation.