Foreign Exchange News

CHICAGO (MarketWatch) -- With its membership expecting the effects of Hurricane Katrina to only nick the U.S. economy, a National Association for Business Economics survey pegs Federal Reserve interest rates at 4% this year and up to 4.5% by the end of 2006, the economists' group said Monday.   MARKETWATCH TOP NEWS U.S. stocks rally on Rita relief, strong homes sales  ...

CHICAGO (AFX) -- The U.S. dollar briefly pierced a two-month high against the euro on Monday, with investors taking comfort in falling oil prices after Hurricane Rita missed pivotal U.S. Gulf refinery facilities when it made landfall over the weekend. The dollar was up a slender 0.1% against the euro as U.S. trading got under way. The euro-zone common currency was changing hands at $1.2035 compar ...

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LONDON (AFX) - The dollar remained firm across the board, though was confined to fairly tight ranges as investors await key speeches by Federal Reserve chairman Alan Greenspan tonight and tomorrow. Relief that hurricane Rita was much less devastating than many had feared caused oil prices to drop and propelled the US currency to two-month highs against the euro. "The dollar is expected to mainta ...

LONDON (AFX) - Relief that hurricane Rita was much less devastating than many had feared helped the dollar to two-month highs against the euro this morning. Though still a damaging storm which caused flooding in many areas, Rita was not the repeat of Katrina that markets had been preparing for last week. Crucially, key US oil operations off the Gulf Coast escaped with minimal damage, sparking sha ...

BEIJING (AFX) - The Chinese yuan closed at 8.0929 to the US dollar today, the central bank said in a statement on its website. That compared with a closing price of 8.0910 the previous trading day. The central bank did not give the intraday high and low prices. The State Administration of Foreign Exchange will take the closing price as the mid-point for the next trading day. The central bank a ...

SINGAPORE (AFX) - The US dollar remained supported through the Asian session as oil prices continued to slip after Hurricane Rita turned out to be less severe than expected, dealers said. The dollar, however, traded in narrow ranges ahead of speeches by Federal Reserve chairman Alan Greenspan and a heavy US data calendar in the days ahead. After a fairly eventful weekend which had the IMF/World ...

TOKYO (AFX) - The government called on China to go further to embrace flexible foreign exchange policies in the wake of Beijing's latest currency reform move last week. "Though we welcome and appreciate their step toward (currency reform), there are many people who question the existing system as being nearly the same as (a) fixed (one), considering the current foreign exchange levels," Chief Cab ...

TOKYO (AFX) - The US dollar was rangebound against other major currencies early in the afternoon session here, as the market awaited new trading leads from speeches by members of the board of the US Federal Reserve, dealers said. US Federal Reserve chairman Alan Greenspan and Federal Open Market Committee voting members Susan Bies and Michael Moskow will deliver speeches later today in the US. A ...

SHANGHAI (AFX) - China is still moving to full yuan convertability and will also need to better leverage its foreign exchange reserves, Cheng Siwei, vice-chairman of the Standing Committee of the National People's Congress (NPC), said. Speaking at a Shanghai derivatives conference, Cheng said that China would continue to move cautiously toward full convertability, although he provided no firm ti ...