Foreign Exchange News

LONDON (AFX) - The euro was firmer against the dollar after data showed euro zone money supply remains elevated, suggesting that the European Central Bank will continue raising interest rates into next year. Data out this morning showed euro zone M3 money supply in November jumped at an annual rate of 9.3 pct, well above October's 8.5 pct growth and beating analysts' forecast for a much more mode ...

BEIJING (XFN-ASIA) - The yuan finished at a record high of 7.8051 to the dollar on the over-the-counter (OTC) market today, the last trading day of 2006. It strengthened from 7.8141 yesterday. On the exchange-traded market the yuan also closed at a record high level of 7.8050 against its previous close of 7.8138, according to a Shanghai-based trader. The central bank set the yuan central parity  ...

(updates with more details) FRANKFURT (AFX) - Euro zone M3 money supply in November grew at a rate of 9.3 pct year-on-year, up from the 8.5 pct growth rate in October, the European Central Bank said. Economists polled by AFX News had forecast an acceleration in M3 growth in November to 8.7 pct. Average M3 annual growth over the September-November period was 8.8 pct, compared with 8.4 pct in Aug ...

FRANKFURT (AFX) - Euro zone M3 money supply in November grew at a rate of 9.3 pct year-on-year, up from the 8.5 pct growth rate in October, the European Central Bank said. Economists polled by AFX News had forecast an acceleration in M3 growth in November to 8.7 pct. Average M3 annual growth over the September-November period was 8.8 pct, compared with 8.4 pct in August-October. Economists were  ...

HONG KONG (XFN-ASIA) - Hong Kong dollar demand deposits surged 72.7 pct year-on-year in November in the territory, reflecting temporary placement relating to stock market fund-raising activities at the end of last month, the Hong Kong Monetary Authority (HKMA) said. The authority did not specify the total amount of demand deposits for the month. It said total deposits with authorized institution ...

SYDNEY (XFN-ASIA) - The US dollar was trading slightly higher against major currencies supported by the release of data overnight which shows the economy is in better shape than previously thought, dealers said. They said an improvement in consumer sentiment, signs that manufacturing activity is picking up and more evidence that a slowdown in the housing sector is coming to an end, is providing s ...

BEIJING (XFN-ASIA) - The central bank has set the yuan central parity rate at a record of 7.8087 to the dollar, according to the National Foreign Exchange Center. The rate, published on the official Chinamoney website, compares with the midpoint of 7.8149 set the previous trading day. The People's Bank of China (PBoC) started setting a daily central parity rate on Jan 4. On July 21, 2005, China ...

LONDON (AFX) - The dollar was higher across the board after US data this afternoon came in above expectations, suggesting that the Federal Reserve will be in no rush to cut interest rates in 2007. Figures release this afternoon showed US existing home sales rose 0.6 pct in November to 6.28 million units, marking the first back-to-back monthly sales gain since the spring of 2005. The price of home ...

FRANKFURT (AFX) - The European Central Bank said net foreign currency reserves in the eurosystem decreased by 0.6 bln to 152.2 bln in the week ending Dec 22. The ECB added that banknotes in circulation within the eurosystem -- which comprises the ECB and the central banks of the euro zone countries -- increased by 14.1 bln eur to 628 bln, while the gold position decreased by 41 mln eur to 174.015 ...

DUBAI, United Arab Emirates (AFX) - The wilting U.S. dollar is pushing the United Arab Emirates, a close U.S. ally, to convert 8 percent of its foreign exchange reserves into the healthier euros, the central bank governor said on Thursday. The Emirates' nearly $25 billion currency reserves are currently 98 percent dollars. That percentage will drop to 90 percent in six to nine months if the bank' ...