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Making An International Currency Payment

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Business News
Business News continually updated from thousands of sources around the net.

A Slice of Qihoo's $9.3 Billion Buyout for Sale on China Streets
27 Jun 2016 at 5:03am

On the streets of China's eastern city of Hangzhou, a fluorescent board like those used to peddle sandwiches in a cafe is offering a piece of China's biggest leveraged buyout. With the lure of 500 percent returns, wealth managers including Overseas Chinese Fund and Jinlu Financial Advisors are selling investments linked to Qihoo 360 Technology Co.'

Intel Corp. Said to Weigh Sale of Cyber-Security Unit, FT Says
27 Jun 2016 at 12:28am

Intel Corp. is considering selling the cyber-security business it purchased almost six years ago for $7.7 billion, the Financial Times reported on Sunday. The company has discussed the future of Intel Security with bankers, including potentially selling the anti-virus software maker formerly known as McAfee, the paper reported, citing unidentified people close to the discussions.

Investors Map Post-Brexit Strategies Amid Global Market Upheaval
26 Jun 2016 at 3:29pm

Britain's vote to leave the European Union almost a quarter century after its creation with the Maastricht Treaty left global markets in disarray Friday. Today, investors start to figure out the way forward.

23 Dead in West Virginia Floods; Search and Rescue Continues
26 Jun 2016 at 6:37am

Heavy rains that pummeled West Virginia left at least 23 people dead, and authorities said Saturday that an unknown number of people in the hardest-hit county remained unaccounted for. Most of the dead and all of the missing, officials believe, were in the county of Greenbrier - home of the renowned golf resort of the same name.

Coal foes win major victory in fight to block Oakland terminal exports
26 Jun 2016 at 2:15am

The Oakland City Council has both the legal authority and sufficient scientific evidence to prohibit coal exports at a planned bulk terminal in West Oakland, a city-funded report and staff recommendations released Friday found. The report, along with two pieces of legislation, confirms what environmental activists in Oakland had been decrying for more than a year: that shipping coal through Oakland would pose a serious health risk to both West Oakland residents and workers at the planned terminal.

China Tightens Internet Rules for Baidu and Other Search Engines
25 Jun 2016 at 9:53pm

Chinese authorities will require Baidu Inc. and other search engines to report banned content and verify advertisers' qualifications in its latest attempt at Internet regulation. Under rules to take effect Aug. 1, search engines operating in the country will be prohibited from providing banned information in various formats including links, summaries, cached pages, associative words, related searches and relevant recommendations, the Cyberspace Administration of China said in a statement.

Brexit Winners Emerge in Hedge-Fund Community Amid Market Chaos
25 Jun 2016 at 5:19pm

Hours after Britain's decision to leave the European Union sparked mayhem across global financial markets, a handful of prescient investors began to emerge as big winners. Hedge fund manager Crispin Odey, an advocate of a British exit, gained more than 15 percent in his flagship fund on Friday, according to a person familiar with the situation.

Telefonica Said to Weigh Delay of Unit IPOs on Volatility
25 Jun 2016 at 12:56pm

Telefonica SA is considering delaying the planned initial public offering of its Telxius infrastructure unit and the possible IPO of its U.K. wireless unit O2 because of market volatility after Britain's vote to leave the European Union, according to people with knowledge of the situation. The Madrid-based telephone company was planning to announce the Telxius IPO next week, said two of the people, who asked not to be named because the plans aren't public.

London's Art Dealers Brace for Bargain Hunters Amid Brexit Chill
25 Jun 2016 at 8:43am

London art dealer Simon Lee spent Friday morning in a state of disbelief, having woken up to the news that the majority of his countrymen voted to leave the European Union in a historic referendum on June 23. "Everyone I speak to is shell-shocked," said Lee, who owns a gallery in Mayfair. "There was such consensus to remain in the art community.

Carney Says U.K. Banks Have Capital to Withstand Brexit
25 Jun 2016 at 4:43am

The Bank of England said requirements put in place after the 2008 financial crisis will help U.K. banks withstand market turmoil in the wake of Britain's decision to quit the European Union. Capital requirements at the largest U.K. lenders are 10 times higher than before the crisis and are designed to enable banks to continue lending to businesses and households, BOE Governor Mark Carney said in a statement after Britain voted to secede.

How Past Financial Shocks Prepared Biggest U.S. Banks for Brexit
25 Jun 2016 at 12:48am

U.S. banking giants from JPMorgan Chase to Goldman Sachs reassured customers and employees Friday that they're prepared to deal with the changes required by Britain's departure from the European Union. If the Clash's "Should I Stay or Go" described the acrimonious debate before Britain's vote to leave the European Union, the punk band's apocalyptic "London Calling" may have prophesied the world's worries the day after the decision.

Ann Coulter: I'm a Grateful Dead Fan for LifeThe conservative...
24 Jun 2016 at 8:12pm

The conservative political pundit and author of 12 New York Times bestsellers estimates she saw the band 67 times and still listens to her 50 live tapes. "Loads of Deadheads were libertarians- and not just for the drug laws."

South Korea court issues arrest warrant for VW official in emissions scandal
24 Jun 2016 at 3:54pm

A South Korean court on Friday issued the first warrant for the arrest of a Volkswagen executive in connection with the company's cheating on vehicle emissions tests, another blow to the German automaker's efforts to move on from the scandal. The warrant is the first leveled against a Volkswagen executive anywhere in the world after the company admitted in September that it used software to falsify pollution tests on some diesel cars, spurring legal action in the United States, Germany, South Korea and elsewhere.

Chinese Travel Site Qunar Gets Offer to Be Taken Private
24 Jun 2016 at 11:29am

Qunar Cayman Islands Ltd. received a preliminary offer from Ocean Management Ltd. to buy all outstanding shares of the travel site, the latest example of a proposed privatization of a U.S.-listed Chinese company. The private equity firm offered $30.39 for each American depositary receipt and $10.13 for each ordinary share, according to a statement from Qunar Thursday.

A $50 Million Heist Unleashes High-Stakes Showdown in Blockchain
24 Jun 2016 at 7:06am

The story involves the Ethereum blockchain, an online ledger that records transactions and lets users trade ether, the second-most popular cryptocurrency, behind bitcoin. A key part of Ethereum also allows people to put smart contracts -- those written in computer code -- on its network.

BBC News - Business
BBC News - Business
BBC News - Business

Sterling falls and bank, airline and property shares tumble
27 Jun 2016 at 10:34am
The pound falls to a 31-year low against the dollar and bank, airline and property shares tumble despite Chancellor George Osborne's attempt to calm financial markets.

Brexit: Five changes to your finances
27 Jun 2016 at 7:59am
The UK's vote to leave the EU has had an immediate effect on some elements of our finances - but not all. Here's what has changed.

Accountancy regulator to probe PwC audit of BHS
27 Jun 2016 at 4:47am
The accountancy regulator opens an investigation into professional services firm PwC's audit of collapsed retailer BHS.

EU referendum: HMRC issues 'carry on' message
27 Jun 2016 at 5:24am
The UK's tax authority is stressing that "no laws have changed" and that tax rules remain the same following the EU referendum.

Some companies plan Brexit hiring freeze, says IoD
27 Jun 2016 at 3:15am
An Institute of Directors survey suggests that a quarter of its members may freeze recruitment following the Brexit vote.

Javid plans 'no panic' business meeting
26 Jun 2016 at 4:11am
Business Secretary Sajid Javid says he will meet this week with business leaders following the Brexit vote, telling companies not to panic.

Brexit: Asian powers warnings over global stability
26 Jun 2016 at 8:44pm
Some of Asia's biggest economies have expressed concerns over the world's economic stability as a result of Britain's decision to leave the EU.

Japan shares recover after Friday's post-Brexit bout
27 Jun 2016 at 2:40am
Japanese shares recover some ground after their historic plunge last Friday following the UK's vote to leave the European Union.

Easyjet and Foxtons warn of Brexit impact
27 Jun 2016 at 2:48am
Airline Easyjet and estate agent Foxtons issue warnings about the impact of the UK leaving the EU on their businesses.

HSBC 'to move jobs to Paris if UK leaves single market'
26 Jun 2016 at 1:14pm
HSBC would move up to 1,000 staff from London to Paris if Britain left the single market and was not part of the European Economic Area, the BBC understands.

Wetherspoon boss Martin says Brexit worry 'understandable'
25 Jun 2016 at 7:21am
Brexit businessman Tim Martin, founder of the Wetherspoons pub chain, says anxiety is "understandable", but adds there is no need to rush into EU exit talks.

Soros warns of EU disintegration
25 Jun 2016 at 4:21pm
Billionaire investor George Soros warns that Britain's vote to leave the European Union makes the disintegration of the bloc "practically irreversible".

EU referendum: Moody's cut UK's credit outlook to 'negative'
25 Jun 2016 at 2:29am
The UK has its credit rating outlook cut to "negative" by leading financial agency Moody's, as outgoing PM David Cameron faces pressure to speed up "divorce" talks with the EU.

EU referendum: UK's EU commissioner Lord Hill to resign
25 Jun 2016 at 10:31pm
The UK's EU Commissioner Lord Hill announces he is to stand down, saying "what is done cannot be undone" after the UK votes to leave the European Union.

UK car industry needs 'swift EU deal to curb high tariffs'
25 Jun 2016 at 4:46am
The UK government must act quickly to secure favourable terms for a key export sector, says industry expert Professor David Bailey.
Financial services company news -
Financial services company news -

Oaktree executive arrested on UAE charges
27 Jun 2016 at 6:48am
Debt firm stands by employee on ?meritless claims? in ?commercial dispute?
Banks press regulators for Brexit clarity
27 Jun 2016 at 10:45am
Executives keen to avoid unnecessary spending and make plans to shift operations
Hedge funds bet aggressively against pound
27 Jun 2016 at 9:48am
Traders believe sterling could fall as low as $1.10 versus the US currency in the coming weeks
Pictet?s family touch rides banking storms
27 Jun 2016 at 5:28am
Incoming senior partner of the Geneva-based bank says continuity and long-term thinking are vital
Passport question looms large for banks
27 Jun 2016 at 4:12am
Financial groups explore whether there are other ways to preserve EU access
Britain faces up to waning global clout
26 Jun 2016 at 11:08pm
Cameron to address parliament; Osborne to reassure on economic stability
UK disclosure rules on CEO pay not working
26 Jun 2016 at 5:11pm
Study finds failure to reduce discrepancy with employee levels
Saudi Arabia gears up for debut bond issue
26 Jun 2016 at 1:55pm
Kingdom appoints banks to arrange up to $15bn of debt after fall in oil price
Banks prepare for more currency mayhem
26 Jun 2016 at 12:30pm
Extra staff called in to man FX desks as investors digest a weekend of UK political instability
City elite blame inequality for Brexit
26 Jun 2016 at 12:03pm
FT City Network debate call for business to reverse wealth gap
Consultants brace for Brexit boom
26 Jun 2016 at 11:09am
Early calls for advice likely to translate into massive restructuring fees later
City leaders grapple with Brexit fallout
26 Jun 2016 at 10:57am
The FT?s network of 50 business leaders digest the momentous referendum result and its ramifications
Hedge funds win big from Brexit bets
26 Jun 2016 at 10:20am
Crispin Odey and Marshall Wace among investors to score with short selling of UK equities
Housing market feels Brexit chill
26 Jun 2016 at 10:13am
Buyers pull out of purchases amid house price and job security fears
Banks begin moving operations out of UK
26 Jun 2016 at 8:48am
ECB official warns on loss of EU ?passporting? rights for UK financial services
Business News - Markets reports and financial news from Sky
Business News - Markets reports and financial news from Sky
Sky business news provides up to the minute reports on markets, share prices and the world economy, alongside expert business commentary.

Pound Reaches New Low On Brexit Fears
27 Jun 2016 at 10:26am
The pound hits a 31-year low, down by more than 3% as more than £61bn is wiped off the value of the UK's top 350 listed companies

Cameron: No Article 50 'At This Stage'
27 Jun 2016 at 10:41am
The Prime Minister tells Parliament he will make sure European leaders know the decision is "for Britain ... alone, to take."

JJB Founder Whelan Pounces On Fitness First
27 Jun 2016 at 8:50am
The sports tycoon Dave Whelan is in exclusive talks to buy the British operations of Fitness First, Sky News can reveal.

Industry Leaders Call For Economic Stability
27 Jun 2016 at 8:47am
British industry leaders are calling for steady communication and economic stability from the Government following the EU vote.

OBR To Slash Forecast For Rescued Bank Stakes
27 Jun 2016 at 9:34am
The OBR is likely to slash its revenue forecasts from the sale of Britain's rescued banks later this year, Sky News understands.

There Is Method Behind The Markets Madness
27 Jun 2016 at 8:57am
The market sell-off has been severe but it has not been wholly indiscriminate, writes Sky's Business Presenter Ian King.

Accountants PwC Investigated Over BHS Audit
27 Jun 2016 at 4:35am
The 'big four' accountant is to be probed over its role in auditing financial documents the year before BHS was sold.

EasyJet Profit Warning After Vote For Brexit
27 Jun 2016 at 3:39am
EasyJet and Foxtons are the latest companies to issue official profit warnings in the wake of the UK's vote to leave the EU.

London's Future As Financial Centre In Question
27 Jun 2016 at 4:58am
The financial industry earns a big chunk of Britain's gross domestic product, but some banks are now considering moving jobs away.

Boris Insists Pound And Markets Are Stable
27 Jun 2016 at 7:33am
The Tory leadership favourite insists 'Project Fear' is over as RBS and Barclays briefly suspend trading due to market volatility.
Forex Blog
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Loonie and Aussie Share Downward Bond
by Adam Kritzer
30 Jun 2011 at 9:15am

In yesterday’s post (Tide is Turning for the Aussie), I explained how a prevailing sense of uncertainty in the markets has manifested itself in the form of a declining Australian Dollar. With today’s post, I’d like to carry that argument forward to the Canadian Dollar.

As it turns out, the forex markets are currently treating the Loonie and the Aussie as inseparable. According to, the AUD/USD and CAD/USD are trading with a 92.5% correlation, the second highest in forex (behind only the CHFUSD and AUDUSD). The fact that the two have been numerically correlated (see chart below) for the better part of 2011 can also be discerned with a cursory glance at the charts above.

Why is this the case? As it turns out, there are a handful of reasons. First of all, both have earned the dubious characterization of “commodity currency,” which basically means that a rise in commodity prices is matched by a proportionate appreciation in the Aussie and Loonie, relative to the US dollar. You can see from the chart above that the year-long commodities boom and sudden drop corresponded with similar movement in commodity currencies. Likewise, yesterday’s rally coincided with the biggest one-day rise in the Canadian Dollar in the year-to-date.

Beyond this, both currencies are seen as attractive proxies for risk. Even though the chaos in the eurozone has very little actual connection to the Loonie and Aussie (which are fiscally sound, geographically distinct, and economically insulated from the crisis), the two currencies have recently taken their cues from political developments in Greece, of all things. Given the heightened sensitivity to risk that has arisen both from the sovereign debt crisis and global economic slowdown, it’s no surprise that investors have responded cautiously by unwinding bets on the Canadian dollar.

Finally, the Bank of Canada is in a very similar position to the Reserve Bank of Australia (RBA). Both central banks embarked on a cycle of monetary tightening in 2010, only to suspend rate hikes in 2011, due to uncertainty over near-term growth prospects. While GDP growth has indeed moderated in both countries, price inflation has not. In fact, the most recent reading of Canadian CPI was 3.7%, which is well above the BOC’s comfort zone. Further complicating the picture is the fact that the Loonie is near a record high, and the BOC remains wary of further stoking the fires of appreciation by making it more attractive to carry traders.

In the near-term, then, the prospects for further appreciation are not good. The currency’s rise was so solid in 2009-2010 that it now seems the forex markets may have gotten ahead of themselves. A pullback towards parity – and beyond – seems like the only realistic possibility. If/when the global economy stabilizes, central banks resume heightening, and risk appetite increases, you can be sure that the Loonie (and the Aussie) will pick up where they left off.

SocialTwist Tell-a-Friend Tide is Turning for the Aussie due to lower commodity prices, low interest ra...
by Adam Kritzer
29 Jun 2011 at 10:40am

“Australia is about to enter a boom that should last decades…The Australian dollar is unlikely to go back to where it was, and manufacturing will shrink in importance to the economy, perhaps even faster than it has been.” This, according to Martin Parkinson, Treasury Minister of Australia. While 30 years from now, Mr. Parkinson’s prognosis might probe to be accurate, I’m not so sure it applies to the period 3 months from now. Here’s why:

First of all, the putative economic boom that is taking place in Australia is being driven entirely by high commodity prices and surging production and exports. Since peaking at the end of April, commodity prices have fallen mightily. You can see from the chart above that there continues to exist a tight correlation between the AUD/USD and commodities prices. As commodities prices have fallen over the last two months, so has the Australian Dollar.

In addition, while demand will probably remain strong over the long-term, it may very well slacken over the short-term, due to declining economic growth across the industrialized world.  Consider also that Australia’s largest market for commodity exports – China – may have difficulty sustaining a GDP growth rate of 10%, and at the very least, new fixed-asset investment (which necessitates demand for raw materials) will temporarily peak in the immediate future.

Finally, the mining sector directly accounts for only 8% of Australia’s economy, which means that only to a limited extent to high commodities prices contribute to the bottom line of Australian GDP. This notion is reinforced by the 1.2% economic contraction in the second quarter – the biggest decline in 20 years – and the fact that GDP is basically flat over the last three quarters. Many non-mining economic indicators are sagging, and the number of corporate bankruptcies is 10% higher than in 2010. In the end, then, the ebb and flow of Australia’s fortune depends less on commodities, and more on other sectors.

Mr. Parkinson’s optimistic forecasts might also be undermined in the short-term by a looser-than-expected monetary policy. The Reserve Bank of Australia last hiked its benchmark interest rate in November 2010, and may not hike again for a few more months due to moderating economic growth and proportionally moderate inflation. Given that an attractive interest rate differential may be driving some of the speculative activity that has girded the Aussie’s rise, a decline in this differential could likewise propel it downward.

That’s because anecdotal reports suggest that the Australian Dollar remains a popular long currency for carry traders, funded by shorting the US Dollar, and to a lesser extent, Japanese Yen. Given that many of these carry trades are heavily leveraged, it wouldn’t take much to trigger a short squeeze and a rapid decline in the AUD/USD. For evidence of this phenomenon, one has to look no further back than May 2010, when the Aussie fell 10-15% in only three weeks.

Ultimately, as one commentator recently pointed out, the Aussie’s 70% rise since 2008 might better be seen as US Dollar weakness (which also catalyzed the rise in commodity prices). The apparent stabilizing of the dollar, then, might let some air out of the currency down under.

SocialTwist Tell-a-Friend Emerging Market Currencies Brace for Correction Due to Market Uncertainty and...
by Adam Kritzer
28 Jun 2011 at 2:42am

“It was the spring of hope, it was the winter of despair,” begins Charles Dickens’ The Tale of Two Cities. In 2011, the winter of despair was followed by the spring of uncertainty. Due to the earthquake/tsunami in Japan, the continued tribulations of Greece, rising commodity prices, and growing concern over the global economic recovery, volatility in the forex markets has risen, and investors are unclear as to how to proceed. For now at least, they are responding by dumping emerging market currencies.

As you can see from the chart above (which shows a cross-section of emerging market forex), most currencies peaked in the beginning of May and have since sold-off significantly. If not for the rally that started off the year, all emerging market currencies would probably be down for the year-to-date, and in fact many of them are anyway. Still, the returns for even the top performers are much less spectacular than in 2009 and 2010. Similarly, the MSCI Emerging Markets Stock Index is down 3.5% in the YTD, and the JP Morgan Emerging Market Bond Index (EMBI+) has risen 4.5% (which is reflects declining growth forecasts as much as perceptions of increasing creditworthiness).

There are a couple of factors that are driving this ebbing of sentiment. First of all, risk appetite is waning. Over the last couple months, every flareup in the eurozone debt crisis coincided with a sell-off in emerging markets. According to the Wall Street Journal, “Central and eastern European currencies that are seen as being most vulnerable to financial turmoil in the euro zone have underperformed.” Economies further afield, such as Turkey and Russia, have also experienced weakness in their respective currencies. Some analysts believe that because emerging economies are generally more fiscally sound than their fundamental counterparts, that they are inherently less risky. Unfortunately, while this proposition makes theoretical sense, you can be assured that a default by a member of the eurozone will trigger a mass exodus into safe havens – NOT into emerging markets.

While emerging market Asia and South America is somewhat insulated from eurozone fiscal problems. On the other hand, they remain vulnerable to an economic slowdown in China and to rising inflation. Emerging market central banks have avoided making significant interest rate hikes (hence, rising bond prices) – for fear of inviting further capital inflow and stoking currency appreciation – and the result has been rising price inflation. You can see from the chart above that the darkest areas (symbolizing higher inflation) are all located in emerging economic regions. While high inflation is not inherently problematic, it is not difficult to conceive of a downward spiral into hyperinflation. Again, a sudden bout of monetary instability would send investors rushing to the exits.

While most analysts (myself included) remain bullish on emerging markets over the long-term, many are laying off in the short-term. “RBC emerging market strategist Nick Chamie says his team has recommended ‘defensive posturing’ to clients since May 5 and isn’t recommending new bullish emerging currency bets right now….HSBC said Thursday that it isn’t recommending outright short positions on emerging market currencies to clients but suggested a more ‘cautious’ and selective approach in making currency bets.” This phenomenon will be exacerbated by the fact that market activity typically slows down in the summer chart above courtesy of Forex Magnates) as traders go on vacation. With less liquidity and an inability to constantly monitor one’s portfolio, traders will be loathe to take on risky positions.

SocialTwist Tell-a-Friend NO QE3: What are the Implications for the Dollar?
by Adam Kritzer
25 Jun 2011 at 7:28am

The verdict is nearly in; there will be no QE3. The second round of quantitative easing (?QE2?) will expire at the end of this month, and while it will not be unwound for quite some time, the Fed has indicated that it will not be followed by yet another round. The question on the minds of forex traders, of course, is what does this mean for the Dollar?

In his most recent press conference, Ben Bernanke, himself, indicated that QE3 was unlikely. According to a survey conducted by Bloomberg News, the majority of FX analysts (65%) believe him. Simply, the circumstances don?t support further easing. To be sure, the unemployment rate remains high, and the economy is teetering on the verge of double-dip recession. However, the last two rounds did little to address either of these problems, and companies have hoarded cash rather than investing in new plant and workers.

Interest rates are still hovering around record lows, and there isn?t anything to be gained from trying to lower them further. Besides, given that inflation is now above 3% ? due to an explosion in good and energy prices ? QE3 would simply be too risky. Economist Ken Goldstein summarized the situation as follows: “We will come to the end of QE2 and largely we mark about how little happened when it ended and that?s also an argument about why there may not be persuasive argument to do a QE3.”

On the other hand, there are some analysts who think that QE3 is inevitable (29%). PIMCO?s Bill Gross, manager of the world?s biggest bond fund, recently indicated that, ?Next Jackson Hole in August will likely hint at QE3/interest rate caps.? (Personally, I think that he?s probably just bitter that his forecast of a decline in Treasury Bond prices hasn?t materialized). One columnist wrote that the Fed?s arm will be twisted by the ongoing collapse of the housing market, while others have argued that the recent decline in the S&P 500 will spur the Fed into action. Most of us, however, believe that the Fed will adopt a wait-and-see approach before ultimately conceding that more easing is necessary.

For now at least, then, the prevailing assumption is that there will not be a QE3. As for how forex markets have digested this news, they have taken it in stride. The Dollar is now holding its value, and as I wrote in a previous post, it may even have bottomed out. Of course, it doesn?t hurt that the Euro is being punished by another flare-up in the sovereign debt crisis and investors are getting nervous about bubbles in emerging market currencies, all of which provide support for the dollar.

The fact that QE2 will soon end without having triggered financial apocalypse or hyperinflation ? as some cassandras initially predicted ? is something that is worth nothing. Of course, the proceeds of QE1 and QE2 will be recycled indefinitely into the markets, and forex investors can?t completely put quantitative easing behind them. Still, that there won’t be any more additional cash injected into commodities markets and emerging economy asset markets means that one of the main sources of downward pressure on the dollar has been eliminated.

Ironically, it is possible that the unveiling of QE3 could actually cause the dollar to rally. The reason is that there is still a tremendous amount of uncertainty in the markets, which provides the dollar with some safe haven demand. If the Fed were to concede that all is not well on the economic front and respond by more money printing, it could drive some safe haven flows into the US, even to the extent that it would overwhelm outflows driven by concerns over inflation.

Personally, I think the dollar will continue to hold its value, and perhaps even appreciate slightly in the near-term, as forex markets dither over the way forward. SocialTwist Tell-a-Friend Swiss Franc is the Only Safe Haven Currency. The Franc is Starting to Distanc...
by Adam Kritzer
23 Jun 2011 at 10:11am

According to conventional market wisdom, there are three safe haven currencies: the Swiss Franc, Japanese Yen, and US Dollar. It is to these currencies that investors flock whenever there is a crisis, or merely an outbreak of uncertainty, and for much of the period following the collapse of Lehman Brothers, the three were closely correlated. As you can see from the chart below, however, one of these currencies has begun to distinguish itself from the other two, leading some to argue that there is now only one true safe haven currency: the Swiss Franc.

What’s not to like about the Franc? It boasts a strong economy, low inflation, and low unemployment. Unlike the US and Japan, Switzerland is not plagued by a high national debt and perennial budget deficits. Its monetary policy has been extremely conservative: no quantitative easing, asset-purchases, or any other money printing programs with euphemistic names.

Ironically, the only thing that makes investors nervous about the franc is that it has already risen so much. Remember when it reached the milestone of parity against the dollar in 2010? Since then, it has appreciated by an additional 20%, and seems to breach a new record on an almost weekly basis. The same goes for the CHF/EUR and CHF/JPY. The President of Switzerland’s export association is expecting further gains: “Parity is a realistic scenario. Given the indebtedness of the eurozone and the strong attraction of the franc, the euro is likely to continue to lose value.”

Given that Swiss exports have surged in spite of (or even because of) the rising Franc, however, he has very little to worry about at the moment. As you can see fromt he graphic below (courtesy of the Financial Times), the balance of trade continues to expand, and has exploded in a handful of key sectors. To be sure, economists expect that this situation will eventually correct itself and are already moving to revise downward 2011 and 2012 GDP growth estimates. Then again, they made the same erroneous predictions in 2010.

The main variable in the Swiss Franc is the Swiss National Bank (SNB). Having booked a loss of CHF 20 Billion from failed intervention in 2010, the SNB is not in a position to make the same mistake again. In fact, SNB President Philipp Hildebrand has not even stooped to verbal intervention this time around, undoubtedly cognizant of the fact that he has very little credibility in forex markets.

At the same time, the SNB is not in any hurry to raise interest rates, lest it stoke further speculative interest in the Franc. Its June meeting came and went without any indication of when it might tighten. Interest rate futures currently reflect an expectation that the first rate hike won’t come until March 2012. Thus, the downside of holding the Franc is that it will continue to pay a negative real interest rate. The only upside, then, is the possibility of further appreciation. Fortunately, the SNB is unlikely to stop the Franc from rising, since it serves the same monetary end as higher interest rates. In other words, a more valuable Franc serves as a direct check on inflation because it lowers the cost of commodity imports and should (eventually) soften demand for Swiss exports.

It is possible that the Swiss Franc will suffer a correction at some point, if only because it rose by such a large margin in such a short period of time. On the other hand, given that its economy has proved its ability to withstand the Franc’s appreciation, it’s no wonder that investors continue to bet on its rise.

SocialTwist Tell-a-Friend Is it Possible to Trade Forex Part-time?
by Adam Kritzer
22 Jun 2011 at 10:17am

This week, I came across an article in the San Francisco Gate (which, incidentally, has really ramped up its forex coverage over the last year) that addressed this very topic. Given that part-time forex traders probably outnumber those that practice the craft full-time, such an article was long overdue.

In sum, the author advises part-time traders to concentrate their trading during the busiest times of the day, or failing that, to simply trade the most active currency pairs during the period of the day that one happens to have time to trade. For example, if you wish to trade the USD/EUR but only have a limited amount of time to do so, you are advised to trade the opening of the New York and/or London sessions, at 8AM EST and 3AM EST, respectively. Alternatively, if you only have time to trade from midnight to 2am, for example, you are advised to trade currency pairs in which the quote currency is the Yen, because during that time the Tokyo session is “in full swing.”

Alas, this kind of strategy is based on a very dubious assumption, which is that you should aim to trade the currency pairs which are both the most liquid and most volatile (ignore the contradiction here), because this will yield the most profits. In other words, it’s easy to capture profits when trading pairs that tend to bounce around a lot and which are cheap and easy to buy and sell. Right?

If you read the Forex Blog with any regularity and are ware that my bend is towards fundamental analysis, it’s probably already obvious to you that I don’t think this is necessarily the case. Consider that forex is a zero-sum game. In other words, on average, 50% of traders win and 50% lose. [When you account for trading costs (i.e. spreads), its probably closer to 30% win and 70% lose, but let’s ignore this for the sake of argument]. Thus, the way I see it, a trader that enters the market during the busiest times has the same chance of winning (~50%) as a different trader that enters the market during the least busy time of day. Either way you cut it, someone has to win and someone has to lose, and no amount of liquidity or volatility can rectify this situation.

Thus, my advice for part-time traders is to forget trading altogether. If you don’t have the time to constantly monitor the market, pore over charts, and develop technical strategy, the odds of winning are pretty low. On the other hand, why not shift your focus from trading to investing? Trading is difficult under the best of circumstances and even more difficult when you don’t have enough time to make a real commitment.

The only way around this is to shift your time horizon from minutes to days – or even weeks. This way, it won’t matter when you have time to trade. Spreads might be marginally higher (as evidenced in the spikes in he chart above, which shows how spreads fluctuate over time) for the USD/EUR at midnight than at 8am, but if you’re planning on holding the pair for more than 10 seconds (and your target profit is greater than 15 pips), this is basically irrelevant.

This way, you also don’t have to worry about carefully planning your entry and exit into positions. Entering a swing trade with a targeted profit of 500pips is probably just as good at 4am as it is at 7am, all else being equal. While this doesn’t necessarily increase the odds of success (above 50%), at least it gives you a great deal more flexibility in being a part-time trader.

SocialTwist Tell-a-Friend Japanese Yen In "No Man's Land." When will the BOJ Intervene to stop its rise?
by Adam Kritzer
20 Jun 2011 at 8:52am

This, according to a hedge fund manager that has decided to cancel all of his fund’s bearish bets on the Japanese Yen. The reason: the yen is rising, and it’s unclear when – or even if – the government will intervene to push it back down. Even though the yen’s strength is fundamentally illogical, it seems that investors are growing increasingly wary of betting against it.

As I pointed out in my previous post on the Yen (“Japanese Yen Strength is Illogical, but Does it Matter?“), the yen has actually fallen over the last twelve months, on a correlation weighted basis (though to be fair, it has staged a pretty impressive comeback since the beginning of April). Unfortunately, investors mainly care about how it is performing against a handful of key currencies, namely the US Dollar. Simply, the yen continues to rise against the dollar, and it is unclear when it will stop.

Japanese government analysis has indeed confirmed that “speculators” are behind the strong yen, as the alleged wide-scale repatriation of yen by Japanese insurance companies has yet to materialize. Of course, there isn’t really much doubt: Japan’s economy is contracting, due to decrease in output spurred by the tsunami. In May, it recorded its second largest monthly trade deficit ever.

Meanwhile, interest rates and bond yields are pathetically low, and the Bank of Japan is being urged to expand its asset buying program, which would theoretically result in a devaluation of the yen. As  a result, retail Japanese forex traders (nicknamed “Mrs. Watanabes“) have resumed shorting the Yen as part of a carry trade strategy.

Alas, speculators either don’t share their pessimism or are running out of patience. While everyone continues to assume that the BOJ will intervene if the Yen rises to 80 against the dollar, no one can be sure whether the line in the sand might not be 78 or even 75. At this point, intervention seems to hinge more on politics than on economics, which means predicting it is beyond the scope of this post. In other words, “There is too much uncertainty and volatility in markets right now to make that yen trade appealing.” And sure enough, the most recent Commitments of Traders data shows that speculators have been re-building their yen long positions over the last month.

In the end, the speculators are probably right. The Bank of Japan has intervened twice over the last twelve months, and the impact has always been short-lived. Besides, given that many speculators still remain committed to shorting the yen, it remains extraordinarily vulnerable to the kind of short squeeze that sent it soaring 5% in a single session en route to the record high it touched in March.

I’m personally still bearish on the yen, but I also think it’s too risky to short it against the dollar, which seems to be declining for its own reasons. As you can see from the chart below, the yen has fallen against virtually every other major currency. Yen shorters, then, might be wise to avoid the dollar altogether and focus instead on any number of other currencies. SocialTwist Tell-a-Friend Forex Volatility Continues Rising. What are the Implications for the Euro?
by Adam Kritzer
17 Jun 2011 at 9:38am

This week witnessed another flareup in the eurozone sovereign debt crisis. As a result, volatility in the EUR/USD pair surged, by some measures to a record high. Even though the Euro rallied yesterday and today, this suggests that investors remain nervous, and that going forward, the euro could embark on a steep decline.

There are a couple of forex volatility indexes. The JP Morgan G7 Volatility Index is based on the implied volatility in 3-month currency options and is one of the broadest measures of forex volatility. As you can see from the chart above, the index is closing in on year-to-date high (excluding the spike in March caused by the Japanese tsunami), and is generally entrenched in an upward trend. Barring day-to-day spikes, however, it will take months to confirm the direction of this trend.

For specific volatility measurements, there is no better source of data than (whose founder, Arnaud Jeulin, I interviewed only last month). Here, you can find data on more than 30 currency pairs, charted across multiple time periods. You can see for the EUR/USD pair in particular that volatility is now at the highest point in 2011 and is closing in on a two-year high.

Meanwhile, the so-called risk-reversal rate for Euro currency options touched 3.1, which is greater than the peak of the credit crisis. This indicator represents a proxy for investor concerns that the Euro will collapse suddenly, and its high level suggests that this is indeed a growing concern. In addition, implied volatility in options contracts has jumped dramatically over the last week, which confirms that investors expect the euro to move dramatically over the next month.

What does all of this mean? In a nutshell, it shows that panic is rising in the forex markets. Last month, I used this notion as a basis for arguing that the dollar safe-haven trade will make a come-back. This would still seem to be the case, and should also benefit the Swiss Franc, which is nearing an all-time high against the euro. Naturally, it also implies that forex investors remain extremely concerned about a continued decline in the euro, and are rushing to hedge their exposure and/or close out long positions altogether. suggests that this could make the EUR/USD an interesting pair to trade, since large swings in either direction will necessarily create opportunities for traders. While I have no opinion on such indiscriminate trading [I prefer to make directional bets based on fundamentals], I must nonetheless acknowledge the logic of such a strategy. SocialTwist Tell-a-Friend Euro Nears Breaking Point
by Adam Kritzer
16 Jun 2011 at 8:33am

It’s deja vu all over again in the forex markets as another twist in the sovereign debt crisis has sent the euro tumbling by the greatest margin in nearly a year. It was only last month that I posted “The Euro (Still) has a Greek Problem,” and yet, forex markets are once again reacting to the possibility of a Greek default as thought it were a new development. At the very least, investors finally seem to be acknowledging the inevitable.

There have been several factors at work in this latest episode. On Monday, S&P downgraded its credit rating for Greece to CCC, following on a similar move by Moody’s. That means that Greece’s sovereign credit rating is now the lowest in the world, behind such eminent economies as Grenada and Ecuador. While the move was hardly noteworthy in itself, it represents one more straw on the camel’s back.

Greece’s government is increasingly unstable, and Prime Minister George Papandreou has become so desperate that he has suggested forming an alliance with Greece’s most powerful opposition party. Meanwhile, violent riots outside Greek Parliament have reportedly become a daily occurrence, as the Greek populace has proven unwilling to accept wage cuts and tax increases.

As if that weren’t enough, there is tremendous uncertainty surrounding the next stage of the Greek bailout. No one can agree on what amount to give and what should be stipulated in return. Some parties think that private investors should be involved in the bailout by taking a “haircut” on the bonds that they own. Some members of the eurozone are balking about contributing any funds at all, wary of justifying it to their own citizens and that it is merely forestalling the inevitable.

I think the NYTimes offered the best summary: “Funding fatigue is growing in the north European creditor countries, especially Germany, the Netherlands, Finland and Austria, just as austerity fatigue is mounting in Greece.” When you consider that Greek interest rates and credit default swap spreads have surged to record highs, it seems that default is really inevitable. If the IMF and European Union are so determined, they can push off default until 2013. Still, default now or default then is still default.

At this point, then, the only real question is what happens when Greece defaults. Will it be forced to leave the Eurozone? Will that push the rest of the Eurozone fringe closer towards default? Will the Euro collapse and cease to exist as a currency? What will happen then?

Unfortunately, I think the answer to all of these questions is yes. At the very least, Greece will be forced out of the eurozone. Bondholders will push interest rates in Ireland, Spain, and Portugal up to double-digit levels, trapping them in the same cycle in which Greece is currently ensnared. Given the exposure of French and German banks to the sovereign debt of financially troubled eurozone members, they will also require state bailouts, and so on.

In a recent op-ed published in The Financial Times, celebrity economies Nouriel Roubini argued that the only way to avoid a complete eurozone meltdown is if the euro depreciates rapidly “to restore competitiveness to the periphery” or if the European Union is able to rapidly achieve complete fiscal and economic union. Roubini argues that the former is difficult because of the ECB’s hawkishness, while the latter is precluded by political hurdles that remain too formidable to overcome.

As Greece inches ever closer to default, the markets will increasingly become gripped by utter uncertainty over the questions that I posed above. Central Banks will stop accumulating euro-denominated assets, and investment funds will similarly shun Europe. (In fact, there is already evidence that this is happening). While European interest rates are attractive relative to the rest of the G4, they are hardly enough to compensate investors for this uncertainty. And when the markets come to terms with this, the euro might finally reach its breaking point.

SocialTwist Tell-a-Friend S&P 500 Decouples from Euro?
by Adam Kritzer
14 Jun 2011 at 9:58am

While I have written quite about forex correlations in recent posts, the focus has primarily been on correlations that exist between currencies. In this post, I would like to address a correlation that exists between currencies and other forex markets- specifically the relationship between the Euro and US stocks.

If you look at the chart above, you can see that an unmistakable correlation exists between the S&P500 and the EUR/USD that stretches back at least six months. Generally speaking, when the EURUSD has risen, so has the S&P 500, and vice versa. In fact, this correlation is so airtight that one analyst recently discovered that the two financial vehicles often reach intra-day highs and lows within minutes of one another!

Why is this the case? In a nutshell, it is because the Euro – especially relative to the dollar – is a proxy for risk appetite. The same is necessarily true for US stocks. When investors are confident in the strength of the global economic recovery and the possibility of crisis is distant, the euro will rise. This has nothing to do with fundamentals in Europe, which are probably at least as bad as they are in the US. Of course, it may be connected with dollar weakness, since it is arguably the case that quantitative easing has both depressed the dollar and buoyed US stocks.

As I intimated in the title of this post, however, the S&P recently decoupled from the euro. Since the beginning of June, US equities have declined sharply, to the extent that they have given back most of their gains in the year-to-date. The EUR/USD, meanwhile, continued rising all the way until last week. While this has happened on a couple previous occasions, this was perhaps the sharpest break between the two.

I’m personally at a loss to explain why this happened. It has been conjectured that the driving force behind the correlation is algorithmic trading, and that hence, it must also represent the source of the break. In other words, high-frequency traders – which account for an ever-increasing proportion of forex volume – tweaked their trading algorithms so as not to buy the S&P 500 when the EURUSD rises, and vice versa.

It’s probably also the case that S&P 500 was falling for endogenous reasons- specifically a decline in GDP growth and earnings expectations which need not necessarily reflect itself in a stronger euro. In fact, in a normal functioning market, you would expect an inverse correlation; strong US economic fundamentals should translate into both a strong dollar and rising stocks. Could it be that worsening fundamentals are manifesting themselves in the form of a weak dollar and weak stocks?

Alas, the correlation has re-established itself over the last week, which means this is largely a moot issue. At the very least, it’s still worth being aware of, both insofar as it remains intact and in the event that it breaks down again.

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The Brexit Aftermath ? Technical Outlook into the Month/Quarter Close
by Michael Boutros, Currency Strategist
27 Jun 2016 at 10:02am
Webinar highlighting post-Brexit setups we’re tracking. Here are the updated targets & invalidation levels that matter heading into the close of the month / quarter.

Equities Vulnerable as the World Enters a Post-Brexit Reality
by James Stanley, Currency Analyst
27 Jun 2016 at 7:38am
While Brexit may be bearish for the U.K. economy, it may bring on even more weakness to Europe; and European equities are seeing even more brisk sell-offs than their British counterparts.

Currency Markets May Pause to Digest After Brexit Fireworks
by Ilya Spivak, Currency Strategist
27 Jun 2016 at 2:17am
Currency markets may briefly stall to digest last week’s explosive Brexit-inspired volatility but the path of least resistance continues to favor risk aversion.

Crude Oil, Gold Prices Aim in Opposite Directions After Brexit Jolt
by Ilya Spivak, Currency Strategist
27 Jun 2016 at 12:54am
Crude oil and gold prices aim in opposite directions after last week’s Brexit-fueled volatility, with the markets still seemingly divided along risk on/off lines.

Realization of Brexit is a Potential Nightmare for the Euro
by Christopher Vecchio, Currency Strategist
26 Jun 2016 at 5:59pm
It really happened: the United Kingdom voted to leave the European Union. Already, political parties from several countries have called for their own referendums, raising into question the long-run viability of the Euro.

Brexit Aftermath Analysis Directory
by John Kicklighter, Chief Currency Strategist; Ilya Spivak, Currency Strategist; Michael Boutros, Currency Strategist; David Song, Currency Analyst; Christopher Vecchio, Currency Strategist; Walker England, Forex Trading Instructor; Tyler Yell, CMT, Forex Trading Instructor; Oded Shimoni, Junior Currency Analyst; Daniel Dubrovsky,
24 Jun 2016 at 11:06pm
The UK has opted to leave the European Union, triggering record-breaking volatility across global financial markets. Our analysis of the outcome and its legacy are compiled here.

USDollar Soars on Brexit, Safety and Reserve Appetite Strong Winds
by John Kicklighter, Chief Currency Strategist
24 Jun 2016 at 10:19pm
The Dollar soared this past week in the fracas that resulted from the market realizing the United Kingdom had voted to leave the European Union.

Brexit Leaves Room for Even Weaker Yuan
by Renee Mu, Currency Analyst
24 Jun 2016 at 3:42pm
As of 9:30 am EDT, the onshore Yuan against the British Pound (GBP/CNY) soared +8.11% to 9.0738 while the offshore Yuan (GBP/CNH) rose +7.68% to 9.0934, following Britain’s vote to depart from the EU.

USD/JPY Bearish Outlook Mired by Intervention Threat, Upbeat US Data
by David Song, Currency Analyst
24 Jun 2016 at 3:36pm
In the aftermath of the U.K. Referendum, USD/JPY may face a further decline next week amid the deterioration in risk sentiment, but the fundamental developments coming out of the world’s largest economy may spur a near-term rebound in the exchange rate should the data prints put increased pressure on the Federal Open Market Committee (FOMC) to further normalize monetary policy.

British Pound to Remain Volatile as the World Adjusts to the Realities of Brexit
by James Stanley, Currency Analyst
24 Jun 2016 at 3:22pm
The world received a lightning bolt of a shock last night as it was announced that British voters have decided to leave the European Union, and the near-term impact thus far has been profound.

Global Markets Brace for Massive Impact from Brexit
by James Stanley, Currency Analyst
24 Jun 2016 at 6:52am
Global markets saw extreme volatility on the back of the Brexit referendum, and this sets in course a long political process that can bring considerable uncertainty to global capital markets.

GBPUSD, EURUSD & Gold Technical Outlook in a Post Brexit World
by Michael Boutros, Currency Strategist
24 Jun 2016 at 3:27am
The Brexit vote has triggered a cascade of unprecedented moves across the currency markets. Here are the updated targets & invalidation levels that matter.

Brexit Bloodbath Has Markets Betting on Lasting Volatility Risk
by Ilya Spivak, Currency Strategist
24 Jun 2016 at 3:26am
Financial markets have come unhinged after the UK “Brexit” referendum and markets are expect heightened volatility risk to persist in the months ahead.

USD/JPY Retail Sentiment Moves Back to Extreme With Japan Watching FX
by David Song, Currency Analyst
24 Jun 2016 at 2:20am
Retail FX sentiment is moving back towards recent extremes as USD/JPY dips below the 99.00 handle, with Japanese officials closely watching the currency market.

UK Votes for Brexit - Markets Highly Volatile - Caution Advised
by Christopher Vecchio, Currency Strategist
23 Jun 2016 at 10:45pm
A shocking and an historic night in the UK.

World business news -
World business news -, the business website of CNN, combines business news and in-depth market analysis with practical advice and answers to personal finance questions.

Brexit's broken promises: from NHS to economy
27 Jun 2016 at 10:20am
Read full story for latest details.

Brexit crash wiped out a record $2.1 trillion. Now what?
27 Jun 2016 at 10:37am
Read full story for latest details.

Brexit turmoil deepens stock selloff
27 Jun 2016 at 9:58am
U.S. stocks, European markets and the British pound came under heavy pressure again Monday following the U.K.'s historic vote to leave the European Union.

China-U.K. 'golden era' at risk from Brexit
27 Jun 2016 at 8:23am
Read full story for latest details.

British taxpayers lose billions in banks' Brexit crash
27 Jun 2016 at 10:39am
British taxpayers see billions wiped off the value of their stakes in banks following the vote for Brexit.

London bankers after Brexit: Shock and fear for the future
27 Jun 2016 at 9:07am
London bankers are worried about their jobs and the future of their industry after the U.K. voted to leave the European Union.

Gold may be the biggest Brexit winner
27 Jun 2016 at 9:50am
Gold prices have soared this year and are now at 2-year highs following the Brexit vote. Some experts think gold will continue to shine -- and it could even return to the all-time highs above $1,900 an ounce from a few years ago.

Britain's divorce from EU could stiff students and colleges
27 Jun 2016 at 9:50am
British universities are working to calm frayed nerves among students and staff as they face extreme uncertainty about their post-Brexit future.

Trump won't cause a recession, adviser says
27 Jun 2016 at 8:34am
One of Trump's advisers is firing back at the Moody's Analytics 'hit piece' that claimed the GOP candidate's plans would throw the U.S. into a recession.

Who's next? Brexit's threat to Europe
26 Jun 2016 at 3:43am
Read full story for latest details.

Businesses warn: Brexit chaos will hurt us
27 Jun 2016 at 2:46am
British voters' decision to leave the European Union has left the U.K. economy in a fog of worry and uncertainty.

What becomes of Europe's cheap air travel?
27 Jun 2016 at 4:36am
For the past 20 years, any airline based in a European Union country has been able to fly anywhere within the single market whenever it wants. Brexit complicates that immensely for a host of carriers.

Official: U.K. economy will take hit from Brexit
27 Jun 2016 at 4:49am
Read full story for latest details.

Wimbledon winners will feel the pound's crash
25 Jun 2016 at 6:27pm
Read full story for latest details.

London banks will pay the 'price' of Brexit
26 Jun 2016 at 9:02am
British banks could lose their access to European markets after the U.K. voted to leave the European Union.

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Most latest Forex News

Pound Still Dropping, Gold and Yen Gain Amid Brexit Tumult
27 Jun 2016 at 12:35am
The impact from Brexit - which has already generated much turmoil in global equity, commodity and bond markets ? continues to grow and its negative effect on world currencies and equity markets is only beginning to be felt.
Weekly Economic & Political Timeline
26 Jun 2016 at 3:27am
There is an extremely light news schedule this week. However the markets have been roiled by the unexpected vote by the United Kingdom to leave the European Union, which has plunged that country into a severe political and constitutional crisis.
Britain Votes to Leave E.U.
24 Jun 2016 at 3:21am
In a surprise development that the markets had seemingly already priced out as only 15% probable, the British people have narrowly voted by 52% to 48% to leave the European Union.
Brexit Wins it! Markets in Turmoil
24 Jun 2016 at 12:44am
In what may, in the future, be called ?the day that shocked the world? the United Kingdom is on course to leave the European Union.
Aussie Dollar Lifted by Improved Sentiment
23 Jun 2016 at 5:54am
The repercussions of a possible Brexit are dominating the currency markets far and wide.
Pound Surges as Latest Referendum Polls Show End of Brexit
23 Jun 2016 at 12:32am
Over the last few months, financial markets and investors, banks and nations have been focused on one thing--Britain?s referendum to leave or remain as an EU member.
Sterling Calm before the Brexit Storm?
22 Jun 2016 at 5:19am
The Euro and the Pound Sterling are both edging higher in today?s trading, just one day ahead of an important vote to decide the fate of both the UK and the European Union. Currency strategists expect significant volatility ahead for both currencies in the hours ahead of the referendum, with residual choppiness to likely follow through the week?s end.
Markets Focus on Brexit Vote, No Fed Hike in the Offing
22 Jun 2016 at 12:48am
Asian stocks moved up slightly on Wednesday as the countdown to tomorrow?s Brexit vote made investors jittery.
Pound Pushed Higher Despite Neck-and-Neck Race
21 Jun 2016 at 5:21am
The Pound Sterling earlier today touched a 7-week peak versus the US Dollar as new polls show the ?stay? campaign pulling slightly ahead in the upcoming Brexit decision.
Pound Sterling Soaring ahead of Brexit Referendum
21 Jun 2016 at 1:38am
The Pound Sterling is currently rising against the US Dollar and is on track to post the largest single day?s gain in seven years.
Dollar Weakens Before Fed Meeting, Sterling Retreats
20 Jun 2016 at 11:51pm
Asian stocks were higher and the dollar weaker Tuesday. The pound retreated after its biggest jump since 2008 as polls suggested Thursday?s vote on European Union membership will be close.
Oil Climbs as Brexit Risks Wane, Pound Zooms Up
20 Jun 2016 at 12:30am
Oil prices advanced higher in early Asian trade Monday supported by a weaker dollar and diminished worries over Britain's possible exit from the European Union.
Polls Show Brexit Vote Almost Tied
19 Jun 2016 at 2:20am
Campaigning has been halted for the third day following the murder of MK Jo Cox, but polls continue to report on the status of the upcoming June 23rd Brexit vote and the numbers are almost tied.
Weaker Yen Lifts Nikkei, Sterling Remains Steady
17 Jun 2016 at 1:05am
Asia markets traded higher on the final day of the week but were set for weekly losses as investors moved to safe haven assets amid concerns surrounding key central bank decisions and the U.K.'s upcoming June 23 referendum vote on its future within the European Union.
Yen Broadly Higher after Policy Decision
16 Jun 2016 at 4:03am
After the Japanese central bank failed to ease further, despite a stagnating economy, the Japanese Yen surged versus the US Dollar, gaining better than 2% to strike the strong price in nearly 24 months.