Foreign Exchange News

By Atul Prakash LONDON (Reuters) - Gold was higher in U.S. afternoon trading on Friday, in a rollercoaster session that saw prices drop to a five-week low overnight, then rebound after weak U.S. jobs data triggered a big drop in the dollar. Market players were seeking clear direction and analysts said prices might drop further in the near term before starting to rise again towards recent highs. "After falling by about $60 in the last few days, it looks like a natural bounce," said John Meyer, ...

(AFX UK Focus) 2006-06-03 00:17 GMT: Latin America currencies fall vs. dollar

Fri 2nd Jun 2006 The age limit for taking up Barclays multi-trip travel insurance offer has been raised from 69 to 79, Barclays announced today. Barclays multi-trip travel insurance is linked to the Additions Plus Current Account and offers an enhanced travel insurance deal for older travellers. Cover levels are also being increased, medical expenses will rise from £2 million to & ...

The dollar was buoyed on Thursday by hopes of a US interest rate rise this month after minutes from the Federal Reserve’s last policy meeting mentioned increasing inflationary pressures. // The greenback’s gains against the euro were scaled back after the eurozone purchasing managers’ index rose unexpectedly to 57 in May from 56.7 in April, when a fall to 56.5 was forecast. The data indicated the bloc’s manufacturing sector is growing at its fastest pace in nearly six years. The eurozone PMI w ...

China’s central bank on Wednesday promised to let market supply and demand play a “fundamental role” in determining the level of the renminbi. // As if to demonstrate just such a laissez-faire attitude, outlined in the quarterly monetary policy report from the People’s Bank of China, the renminbi on Wednesday rose 0.2 per cent to Rmb8.0175 to the dollar. The move came a day after Hank Paulson, a sinophile, was named the next US Treasury secretary. Mr Paulson’s battle to encourage Beijing to a ...

US stocks rose in early trading, reversing Tuesday's sell-off, on hopes that Federal Reserve minutes will show some members do not want a rate rise. Analysts hope that the minutes, to be released at 1800GMT, will show that some members are less aggressive than was previously thought. Earlier in May, the Federal Reserve said higher interest rates might be needed to counter rising energy prices. The slight recovery came after a significant sell-off on Tuesday. Continuing uncertainty In midmor ...

Liz Phillips, Daily Mail31 May 2006 WHETHER you're heading for a holiday in the sun this summer or popping across to Germany to watch the World Cup, you can cut the cost of your trip by organising your spending money properly. LIZ PHILLIPS counts the cost of changing currencies... WANT TO KNOW MORE? TRAVEL MONEY: Forex BLOG: Fee-free withdrawals REPORT: Cheapest foreign currency OTHER STORIES Better deals for savers - at last Giants set for big steps New on the market On the t ...

WASHINGTON (Dow Jones) -- The appointment of Henry Paulson as Treasury secretary gives the Bush administration a proven China hand with deep professional connections to the world's most populous country, though experts said his arrival should be not viewed as a shift in U.S. strategy towards the Asian economic powerhouse. Paulson, the chairman and chief executive of Goldman Sachs Group, has mad ...

WASHINGTON (Dow Jones) -- Hoping to reverse perceptions of a lackadaisical economic policy, President Bush nominated top Wall Street player Henry M. Paulson Jr., to replace Treasury Secretary John Snow. In brief remarks at the White House on Tuesday, Bush said Paulson, the chairman and chief executive of Goldman Sachs Group, would be his top economic adviser and would be the public face of the  ...

Brazil’s central bank on Tuesday surprised financial markets by holding its first currency swap auction in almost two years and has planned another for Wednesday. // On Tuesday the central bank sold contracts worth $400m. Analysts said the central bank had been expected to sell the swaps – a proxy for selling dollars – if the real continued to fall, but not to step in as early as it did. One possible explanation is the expiration of currency futures contracts on Wednesday. Investors with short ...