Foreign Exchange News

BRATISLAVA, Slovakia (AFX) - Slovakia's annual inflation rate fell in December, fueling expectations that the country would meet its 2009 deadline to adopt the euro currency, country's Statistical Office announced Friday. The inflation rate dropped to 4.2 percent in December from 4.3 percent in November, following a decline in fuel prices. Consumer prices remained unchanged from November, followi ...

The Japanese yen has hit its lowest level versus the US dollar in more than a year, trading at the key 120-yen mark for the first time since late 2005. Investors have been ditching the yen, betting that US interest rates would remain high, strengthening the dollar. The move boosted stocks on Tokyo's leading Nikkei index, which closed up 218 points, as the cheaper yen lifted the shares of major Japanese exporters. In late-morning trading on Friday, the yen stood at 120.37 to the dollar. Earli ...

BEIJING (XFN-ASIA) - The yuan ended fell back to 7.7984 to the dollar in the over-the-counter (OTC) market today, compared with its record high of 7.7949 yesterday. In the exchange-traded market, the yuan finished at 7.7975 to the dollar, compared with yesterday's 7.7935, a Tianjin-based trader said. The currency traded between 7.8017-7.7970 in the OTC market, and between 7.7985-7.7965 in the ex ...

BEIJING (XFN-ASIA) - The central bank has set the yuan central parity rate at 7.8012 to the dollar, according to the National Foreign Exchange Center. The rate, published on the official Chinamoney website, compares with the midpoint of 7.7977 set the previous trading day. The People's Bank of China (PBoC) started setting a daily central parity rate on Jan 4, 2006. On July 21, 2005, China freed ...

LONDON (AFX) - Gold rebounded from yesterday's losses as investors sought the metal for its compelling longer term outlook. Additionally, recent falls had made the metal a better bargain. At 4.22 pm, spot gold, which earlier hit a high of 615.98 usd an ounce, was quoted at 615.60 usd, down from the 612.45 usd level seen at the time of the COMEX market close in New York yesterday. The gains were ...

LONDON (AFX) - The euro slipped below the 1.29 level against the dollar for the first time since November 22 after European Central Bank president Jean-Claude Trichet hinted that there won't be another rate hike until March. In the press briefing after the predicted decision to keep the key refi rate unchanged at 3.50 pct, Trichet replaced the word "vigilant" with "very closely mon ...

CARACAS, Venezuela (AFX) - Venezuela could nationalize four heavy oil projects in the oil-rich Orinoco River basin if the state is unable to negotiate a majority stake with the foreign oil companies that run them, the finance minister said Thursday. The state could nationalize the four projects in the Orinoco oil belt "if the negotiations with the foreign oil companies that control them fail ...

CARACAS, Venezuela (AFX) - Venezuela could nationalize four heavy oil projects in the oil-rich Orinoco River basin if the state is unable to negotiate a majority stake with the foreign oil companies that run them, the finance minister said Thursday. The state could nationalize the four projects in the Orinoco oil belt "if the negotiations with the foreign oil companies that control them fail ...

LONDON (AFX) - The pound jumped after the Bank of England took the market by surprise by raising UK interest rates to a five-year high of 5.25 pct. At 12.14 pm, the pound was trading at 1.9514 against the dollar, up sharply from 1.9376 just before the news was announced, while the euro dropped to 0.6661 stg from 0.6690 previously. UK short sterling futures -- a gauge of interest rate expectation ...

(Updating with more comments) LONDON (AFX) - The pound jumped after the Bank of England took the market by surprise by raising UK interest rates to a five-year high of 5.25 pct. At 12.23 pm, the pound was trading at 1.9522 against the dollar, up sharply from 1.9376 just before the news was announced, while the euro dropped to 0.6653 stg from 0.6690 previously. UK short sterling futures -- a gau ...