Foreign Exchange News

LONDON (AFX) - Gold edged slightly lower after strong US payrolls data and a decline in the the January trade deficit boosted the dollar and lessened the metals appeal as an alternative asset to the US currency. The Labor Department said the US economy added 97,000 jobs in February. Though analysts had initially expected a similar reading of 100,000, many had begun to revise down their forecasts  ...

LONDON (AFX) - The dollar edged higher against major currencies after key data out of the US showed the economy created 97,000 jobs in February. Though analysts had expected a similar reading of around 100,000, the fact that data for January and December were revised up by a total of 55,000 puts the data well above expectations. Moreover, after Wednesday's report from payroll services firm ADP p ...

LONDON (AFX) - The dollar was steady as the market braced itself for this afternoon's key US jobs report for February. Analysts polled by Thomson IFR Markets expect the US economy to have added 100,000 new jobs in February, following January's increase of 111,000 new jobs. The result is hard to call, however. HBOS analyst Steve Pearson noted that many in the market have dropped their forecasts  ...

SINGAPORE (XFN-ASIA) - The dollar gained slightly in Asia but ended the day almost flat from midday levels as the market held ground before tonight's release of US non-farm payrolls for February. Dealers believe the outcome of the payrolls will determine the US dollar's strength until at least the middle of the coming week given little other key data are due for release in the next few sessions.  ...

China may hike rates in Q2 - Standard Chartered BEIJING (XFN-ASIA) - The People's Bank of China (PBoC), or central bank, might hike its benchmark rate by 27 basis points (bps) in the second quarter if inflation picks up in the first quarter, Standard Chartered Bank chief Asia economist Stephen Green said. Commenting on the remarks made by Yi Gang, assistant governor of the PBoC, that the primar ...

BEIJING (XFN-ASIA) - The central bank has set the yuan central parity rate at 7.7436 to the dollar, according to the China Foreign Exchange Trading System. The rate, published on the official Chinamoney website (www.chinamoney.com.cn), compares with the midpoint of 7.7386 set the previous trading day. The People's Bank of China (PBoC) started setting a daily central parity rate on Jan 4, 2006.  ...

FRANKFURT (AFX) - The European Central Bank (ECB) said it broke even in its 2006 annual accounts, repeating its 2005-year performance. The ECB said it earned a surplus of 1.379 bln eur in 2006, compared with a surplus of 992 mln earned in 2005. But, as in 2005, an amount equivalent to the surplus was set aside as a provision against risks in foreign exchange rate, interest rate and gold prices, l ...

LONDON (AFX) - The pound softened, mostly against the dollar, on the Bank of England's decision to leave its key repo rate unchanged at 5.25 pct. Although the outcome was widely expected, a minority of analysts were forecasting a hike, reflecting investors' jitters that the BoE might surprise markets as it did when it hiked in January. Howard Archer at Global Insight noted that in the minutes to ...

SINGAPORE (XFN-ASIA) - The dollar was firmer in afternoon trade here as the yen retreated from its early spike, with the euro also easing against the greenback ahead of an expected European Central Bank rate increase, dealers said. They said currency markets are shifting back their attention to economic fundamentals although carry trade plays were still very much in focus, now that equity markets ...

SYDNEY (XFN-ASIA) - The US dollar edged higher against the yen but was weaker versus the euro as traders await tonight's widely expected decision from the European Central Bank to lift interest rates by 25 basis points to 3.75 pct. Dealers said focus will turn to ECB president Jean-Claude Trichet's outlook statement and the likelihood for further interest rate hikes ahead in the euro zone. At 2. ...