Japan forex reserves hit new record high

2011-12-07T03:31:28Z

Japan said Wednesday its foreign exchange reserves hit a record high $1.3 trillion in November after authorities intervened in currency markets to stem the yen's rise.

The level was $94.88 billion higher than in October, the finance ministry said, and surpassed a previous record of $1.22 trillion set in August.

The reserves are composed mainly of foreign-currency denominated secu...

Swiss resorts in uphill battle over no snow, franc

2011-11-29T15:30:26Z

ZURICH (Reuters) - Armed with snow canons and cut-price hotel deals some of Switzerland's ski resorts, already beleaguered by the strong Swiss franc, are grappling with another obstacle -- no snow.

A dry November has forced several ski resorts to push back the start of the season, the latest in a string of bad news for hoteli...

Insight: Hungary dug itself a debt hole, now it pays the piper

2011-11-29T04:00:09Z

INKE, Hungary (Reuters) - In the past week Hungary's bonds have become junk, the forint has slumped to a near-record low against the euro and the OECD has said the economy is headed for recession next year.

Yet unlike other European capitals where economic decline has led to street protests and political upheaval, there is little visible sign of ...

Is this December like 2007-08 for gold, stocks?

2011-11-28T19:30:14Z

"The recent selloff in stocks is looking overdone to the down side and ready to bounce any day. So I am looking for signals to get long the SP500."

Thus far in 2011, the overall stock market movement has been much different from what we had in 2010. This year, we have seen nothing but sideways to lower prices with wild price swings on a day-to-day basis. There just have not been any really solid trends to take advantage of this year.

Instead we had to ...

Possible euro exits unsettling - and alluring - for market

2011-11-28T15:00:24Z

NEW YORK (Reuters) - News that the world's top foreign exchange broker has been testing its trading system against a possible euro collapse conjures a host of images and ideas for currency traders and investors, not all of them bad.

If one or more country ditches the euro, the revival of old currencies would mean more opportunity for profit in the $4 trillion-a-day FX market, traders say.

Myths and reality of gold confiscation

2011-11-25T19:30:15Z

What the propagators conveniently ignore is basic math

There are a number of common misconceptions about the gold confiscation foisted on the American people by President Franklin Roosevelt in 1933. Most of these have been offered as justification for FDR’s nefarious deed, and over time have endured to become urban legends.

For example, perhaps the biggest and m...

Downgrade pushes Hungary deeper into crisis

2011-11-25T15:30:18Z

Hungary grappled Friday with a downgrade of its credit rating to junk bond status and sharp criticism of its economic polices, pushing it further into crisis.

Late Thursday, Moody's rating agency downgraded the country's sovereign debt to non-investment grade for the first time in 15 years, sending the forint crashing to 317.25 against the euro, near its ...

Global stocks hit 6-week low

2011-11-23T01:00:12Z

LONDON (Reuters) - World stocks hit their lowest in six weeks on Wednesday and crude prices fell after and manufacturing in regional heavyweight Germany contracted for a second straight month in November, and at a faster rate, as export demand slumped.

Safe-haven U.S. Treasuries, German Bunds and gold were in demand as investors fled...

Syrian unrest weighs on local currency

2011-11-17T12:30:33Z

Months of civil unrest weighed on Syria's currency sending it above 50 Syrian pounds to the dollar for the first time since civil unrest began in March, reports said on Thursday.

"The dollar made important gains against the pound (on Wednesday) according to official and unofficial dat...

Instant view: October consumer prices fall 0.1 percent; core up

2011-11-16T06:30:16Z

NEW YORK (Reuters) - U.S. consumer prices fell in October for the first time in four months as Americans paid less for new cars and gasoline, although prices outside of food and energy posted a slight increase, the Labor Department said on Wednesday.

COMMENTS:

VASSILI SEREBRIAKOV, SENIOR CURRENCY STRATEGIST, WELLS

Markets give up hopes for lasting euro zone solution

2011-11-07T02:33:05Z

NEW YORK (Reuters) - After another week of confusion and turmoil in Europe, investors are ditching whatever hopes they once had for a conclusive solution to the debt crisis.

That may foreshadow a gloomy holiday season in markets, especially if wary investors opt to reduce risk in their portfolios and take refuge in U.S. Treasuries and ...

SNB's Hildebrand says ready for more measures: paper

2011-11-06T11:30:05Z

ZURICH (Reuters) - The Swiss National Bank is ready to take further measures to weaken the Swiss franc if the economic outlook and deflationary development make it necessary, its chairman said on Sunday in a newspaper interview.

"The franc is still highly valued versus the euro at the current exchange rate. We...

BNY Mellon in settlement talks over currency lawsuit: report

2011-11-04T04:02:36Z

(Reuters) - Bank of New York Mellon Corp is in talks with federal prosecutors to resolve a civil lawsuit accusing the bank of overcharging clients in trading currencies, the Wall Street Journal said, citin...

Belarus ruble sinks 34% in full free float

2011-10-20T09:30:40Z

The Belarus ruble on Thursday shed a third of its value in a full market free float that set a single exchange rate in line with demands from the IMF and the crisis-hit country's main sponsor Russia.

The 34.2 percent drop from the old official rate of 5,712 rubles against the

House Democrats vow continued push on China bill

2011-10-14T11:00:06Z

WASHINGTON (Reuters) - Democratic lawmakers vowed on Friday to keep pressing for a vote on China currency legislation, now blocked by Republican leaders, which they said is vital for U.S. competitiveness in global markets.

"It is estimated that currency manipulation costs our economy over a million jobs," said Reuters) - Roche kicked off the big pharma reporting season by posting slightly weaker-than-expected third-quarter sales, as the strong Swiss franc ate into the Swiss drugmaker's topline.

Third-quarter sales at Roche, which is also grappling with lower sales of its key cancer drug Avastin ...

China yuan bill risks trade war: House speaker

2011-10-12T08:00:20Z

WASHINGTON (Reuters) - Legislation designed to press China to let its currency rise in value poses a "very severe risk" of a trade war and should not be taken up by the Congress, House of Representatives Reuters) - The Senate on Tuesday voted to pass legislation designed to press China to let its yuan currency rise in value, sending the bill to the House of Representatives, whose leaders have criticized the measure.

The Currency Exchange...

House leader presses Obama on China currency bill

2011-10-11T10:30:27Z

WASHINGTON (Reuters) - The Obama administration must clarify its position on China currency legislation headed for Senate approval, the number two Republican in the House of Representatives

Euro falls below $1.32 on crisis, growth worries

2011-10-03T20:30:20Z

The euro sank below the $1.32 level on Monday as confidence in European growth and progress on the Greek crisis sagged.

At 2100 the euro was at its lowest level since January, $1.3178, compared to $1.3390 on late Friday.

As stock markets also tumbled, gold meanwhile edged up to the $1,660-an-ounce level from $1,630.

"The financial markets now are almost fully expecting a Greek default. But as yet it may not quite be priced in, which is why we are seeing such a sell off ...

Crude oil prices slip on slow growth, strong dollar

2011-10-03T17:30:17Z

New York oil prices slid Monday to their lowest closing level in a year as the dollar strengthened amid mounting worries over global economic growth in the markets.

New York's main contract, West Texas Intermediate (WTI) for delivery in November, finished down $1.59 from Friday's close to $77.61 a barrel, the lowest price since the end of September 2010.

Asian markets mostly down amid euro plan fears

2011-09-28T19:30:26Z

Asian markets were mostly lower Thursday following weak leads from Wall Street as worries returned over whether eurozone leaders can agree on measures to resolve their debt crisis.

The caution comes ahead of a new European Union-Inter...

SNB's Hildebrand says will enforce franc cap

2011-09-24T14:30:09Z

WASHINGTON (Reuters) - Swiss National Bank Chairman Philipp Hildebrand said on Saturday he would do all that is necessary to maintain a ceiling on the Swiss franc, but declined to provide further details.

"We will enforce the exchange rate cap with all consequences," he said in response to questions on the sidelines of a con...

Swiss National Bank gives up

2011-09-23T19:30:18Z

World's last safe-haven national currency has finally disappeared, making the ownership of physical gold and silver all the more important

The Swiss National Bank finally gave up. For months it tried standing alone against all of the bad monetary policies being pursued by the ECB, the Federal Reserve, the

Hong Kong says it will not drop US dollar peg

2011-09-15T07:30:41Z

Hong Kong said on Thursday it had no plans to get rid of its currency's peg to the US dollar, despite growing calls to end the 28-year link as the world's largest economy falters.

The southern Chinese city has come under pressure in recent weeks to allow the Hong Kong dollar...

Euro at new 10 year-low versus yen on Greece woes

2011-09-12T02:30:08Z

The euro slumped in Asian trade Monday on deepening concerns over a possible default by Greece, with the single currency hitting a fresh 10-year low versus the yen in afternoon trade.

The euro hit 104.27 yen at 0455 GMT, its lowest level since June 2001, compared with 107.66 yen on Friday. The single currency was also lower against the Reuters) - The euro got off to a rocky start in Asia on Monday, falling to fresh six-month lows against dollar" class="inform">the greenback and a 10-year trough on the yen...

Euro seen under pressure on lack of G7 support

2011-09-11T07:30:11Z

LONDON (Reuters) - The euro and growth-linked currencies may fall on Monday, hit by a lack of concrete measures from Group of Seven finance chiefs to address either faltering growth, the escalating euro zone debt crisis, or exchange rate volatility.

The

Indonesia to require exporters to return earnings

2011-09-10T02:30:38Z

Indonesia's central bank will require exporters to bring home overseas funds, in a move aimed at boosting governance and reducing exposure to short-term capital flows, according to a spokesman.

Bank Indonesia spokesman Difi Johansyah said the new regulation, expected to be launched this month, would require companies to repatriate foreign currency earned on exp...

Swiss face up to a franc mountain

2011-09-08T02:00:18Z

ZURICH (Reuters) - In early August, Philipp Hildebrand pulled out of an expedition to mark the bicentennial of the first ascent of the Jungfrau, one of the highest mountains in the Alps.

As the bosses of some of Switzerland's leading companies cl...

Black box funds among losers in SNB shock

2011-09-06T14:00:20Z

NEW YORK/LONDON (Reuters) - "Black box" computer hedge funds and managers who bet on global markets were likely among those hardest hit by Switzerland's shock intervention on Tuesday to reverse profitable bets on the Swiss franc's "safe haven" status.

The Swiss Nation...

Swiss draw line in the sand to weaken franc

2011-09-06T05:30:16Z

ZURICH (Reuters) - The Swiss National Bank shocked markets on Tuesday by setting an exchange rate cap on the soaring franc to stave off a recession, discouraging investors anxious about flagging global growth from using the currency as a safe haven.

Using some of the strongest language from a central bank in t...

SNB draws line in the sand to weaken franc

2011-09-06T02:00:04Z

ZURICH (Reuters) - The Swiss National Bank shocked foreign exchange markets by setting a minimum exchange rate target of 1.20 francs to the euro on Tuesday, saying it would enforce it by buying foreign currency in unlimited quantities.

The move immediately knocked around 8 percent off the value of the franc, w...

Soaring Swiss franc puts squeeze on German enclave

2011-09-02T08:30:10Z

BUESINGEN, Germany (Reuters) - Since a 19th-century treaty established a German village wholly within Switzerland, the people of Buesingen have become accustomed to navigating between Berne and Berlin

North, South Sudan complete currency conversion

2011-09-01T16:30:26Z

South Sudan on Thursday completed the swift circulation of its new currency, a move matched by Khartoum but strengthening the south's formal independence from the north less than two months ago.

Khartoum and Juba both hastily launched new currencies after the secession of the south on July 9, amid fears of a currency war.

"Today,

IMF to help Myanmar reform exchange rate

2011-08-31T17:30:39Z

IMF economists will visit Myanmar to help modernize its complicated exchange rate system, an official said Wednesday, in a sign that the country's new government is seeking economic reforms.

A technical team from the International Monetary Fund will visit the country also known as Burma in the second half of October, said Gita Bhatt<...

China central bank adviser expects long-term dollar decline

2011-08-23T01:00:06Z

BEIJING (Reuters) - The U.S. dollar is likely to weaken over the long-term, although it may rebound in the short run, Xia Bin, an academic adviser to the central bank said on Tuesday, reiterating his long-held view.

Fears of another U.S. recession and the ultra-loose monetary policy in the

Asian stocks rise, gold near high

2011-08-21T21:30:07Z

SINGAPORE (Reuters) - Asian stocks turned positive on Monday, recovering a small portion of last week's steep losses, while gold shot to new highs as investors worried about the sluggish U.S. economic outlook and Europe's debt crisis.

Spot gold prices hit a record high of $1,878.39 per ounce as the shaky global outlook prompted investo...

Swiss want central bank to fight franc's rise: poll

2011-08-21T16:30:13Z

Two out of three Swiss want the country's central bank to stem the franc's rise and over a quarter are calling for an exchange rate ceiling against the euro, according to a poll published on Sunday.

The poll, commissioned by the Swiss weekly SonntagsZeitung, found that 63 percent of respondents want further Swiss N...

East European borrowers suffer as Swiss franc rises

2011-08-21T03:30:05Z

A soaring Swiss franc is a threat to Eastern European economies as households struggle to repay the now much costlier loans they took out in the currency in better times, analysts warn.

Eastern Europeans rushed to take out loans in Swiss francs and other foreign currencies in 2004-2005 as interest rates were much lower than what they would have had to pay on domestic borrowings -- now that has all changed.

The franc has always been a safe haven in times of trouble so those lo...

Oil prices climb as markets rebound

2011-08-15T17:30:10Z

Oil prices surged Monday as stock markets rallied and the dollar weakened, stoking demand for greenback-priced commodities.

New York's main contract, West Texas Intermediate crude for delivery in September, closed at $87.88 a barrel, a rise of $2.50, or nearly 3.0 percent, from Friday.

In London, eurozone unit fell as low as $1.4163 at about 1410 GMT. It later pulled back to $1.4178, down from $1.4374 late in New York on Tuesday.

"The market's fretful mood was clearly evident in the way it reacted ...

SNB to boost franc supply to counter currency's surge

2011-08-10T02:00:05Z

ZURICH (Reuters) - The Swiss National Bank said on Wednesday it would significantly boost Swiss franc supply in coming days and conduct swap transactions to counter a new jump in the safe-haven currency, but it stopped short of direct intervention.

The franc, which soared amid a market rout on Tuesday, fell sl...

Analysis: Is China left holding the credit baby?

2011-08-10T01:30:07Z

LONDON (Reuters) - August's dramatic financial shock, which is now both feeding off and risks fueling another economic downturn, may well introduce a third phase of the four-year-old global credit crisis -- the infection of the ultimate creditors.

The crisis, triggered by mortgage and housing bubbles in many western economies, first hobbled the banks and is now undermining the governments wh...

Korea G20 Summit

2010-11-12T13:05:50Z

British Prime Minister David Cameron, left, drinks tea with monks at the Bongeunsa temple in Seoul, South Korea Friday Nov. 12, 2010 as world leaders gathered in South Korea for a G20 summit. The Group of 20 leaders of the world's major economies have agreed to refrain from the compe...

Japan World Markets

2010-10-29T01:05:13Z

A money trader walks past a large screen displaying an exchange rate for the U.S. dollar to Japanese yen at a foreign exchange firm in Tokyo Friday, Oct. 29, 2010. The dollar slumped to the 80 yen level, nearing a post World War II record low of 79.75 yen set in 1995. (AP Photo/Itsuo Inouye)

Japan Dollar

2010-10-14T15:31:47Z

A businessman monitors an electric board showing the day's currency rate between U.S. dollar and Japanese yen in Tokyo Thursday, Oct. 14, 2010. The dollar fell to a fresh 15-year-low against the yen in Tokyo on Thursday amid growing speculation that the U.S. Federal Reserve...

China US Geithner

2010-09-16T01:45:07Z

In this Wednesday, Sept. 15, 2010 photo, a clerk counts Chinese yuan banknotes at a bank in Hefei, in central China's Anhui province. The Obama administration is signaling it plans to take a tougher stance with China on trade issues, in...

Japan Markets Dollar

2010-09-15T02:16:07Z

A money trader sits at a trading station in Tokyo Wednesday, Sept. 15, 2010. Japan intervened in the currency market Wednesday for the first time in six years to weaken the yen, which had spiked to 15-year highs against the dollar, battering the country's vital exporters. (AP Photo/Junji Kurokawa)

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