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GMC GROUP FOR INDUSTRIAL COMME   1.29        Telecom Egypt   11.48        Modern Company For Water Proof   1.03        Ismailia Misr Poultry   2.45        El Arabia for Investment & Dev   0.34        Ezz Steel   7.86        Egyptian Real Estate Group   6.85        Pioneers Holding   2.84        Rakta Paper Manufacturing   4.39        Orascom Telecom Holding (OT)   3.92        Egyptian Iron & Steel   6.87        Naeem Holding   0.19        Canal Shipping Agencies   7.39        Misr Chemical Industries   5.65        United Arab Shipping   0.43        Egyptians Housing Development    1.94        Universal For Paper and Packag   4.94        Northern Upper Egypt Developme   4.93        Egyptian for Tourism Resorts   0.69        Egyptian Financial Group-Herme   7.42        Orascom Construction Industrie   240.82        Modern Shorouk Printing & Pack   7        Upper Egypt Contracting   0.8        Heliopolis Housing   21.65        Raya Holding For Technology An   4.57        United Housing & Development   8.93        International Agricultural Pro   2.1        Gulf Canadian Real Estate Inve   18.08        Alexandria Pharmaceuticals   45.71        Arab Cotton Ginning   2.46        Egyptian Chemical Industries (   7.26        National Real Estate Bank for    11.84        Six of October Development & I   15.03        National Development Bank   6.72        Oriental Weavers   20.66        Arab Gathering Investment   16.29        Egyptians Abroad for Investmen   2.75        Credit Agricole Egypt   9.04        Palm Hills Development Company   1.61        Remco for Touristic Villages C   2.13        Commercial International Bank    29.87        El Ezz Porcelain (Gemma)   1.9        Egyptian Starch & Glucose   5.4        Arab Real Estate Investment (A   0.41        South Valley Cement   3.12        Citadel Capital - Common Share   2.5        Rowad Tourism (Al Rowad)   5.05        Union National Bank - Egypt "    3.25        Ceramic & Porcelain   2.88        El Nasr Transformers (El Maco)   4.78        Egyptian Media Production City   2.31        GB AUTO   27        Sharkia National Food   3.78        Egyptian Transport (EGYTRANS)   7.85        El Kahera Housing   4.97        El Shams Housing & Urbanizatio   2.45        Egyptian Kuwaiti Holding   0.7        ARAB POLVARA SPINNING & WEAVIN   2.11        Cairo Poultry   8.32        Egyptian Financial & Industria   8        T M G Holding   4.03        Asek Company for Mining - Asco   10.66        Misr Hotels   27        Egyptian Electrical Cables   0.56        Medinet Nasr Housing   22.51        Mena Touristic & Real Estate I   1.21        ELSWEDY CABLES   18        Prime Holding   0.91        Al Arafa Investment And Consul   0.17        Alexandria Spinning & Weaving    0.74        General Company For Land Recla   16.6        Gharbia Islamic Housing Develo   8.41        Alexandria Cement   8.9        Arab Valves Company   0.94        Sidi Kerir Petrochemicals   12.4        TransOceans Tours   0.09        Egyptian for Developing Buildi   6.43        Egyptian Gulf Bank   1.24        Kafr El Zayat Pesticides   18.19        Faisal Islamic Bank of Egypt -   35.1        National company for maize pro   11.86        Delta Construction & Rebuildin   4.03        Zahraa Maadi Investment & Deve   48.25        Samad Misr -EGYFERT   3.52        Egypt for Poultry   1.41        Cairo Development and Investme   11.7        Cairo Pharmaceuticals   20.1        Maridive & oil services   0.9        Suez Canal Bank   3.75        Nile Pharmaceuticals   15.81        The Arab Dairy Products Co. AR   73.85        National Housing for Professio   14.39        El Ahli Investment and Develop   4.87        Egyptian Saudi Finance Bank   10.79        Ismailia National Food Industr   5.16        National Societe Generale Bank   25.52        Acrow Misr   19.16        Alexandria Mineral Oils Compan   63.63        Paper Middle East (Simo)   5.59        Egypt Aluminum   12.31        Giza General Contracting   13.12        Middle Egypt Flour Mills   5.82        Extracted Oils   0.6        Assiut Islamic Trading   4.56        Engineering Industries (ICON)   3.95        North Cairo Mills   15.3        Arab Pharmaceuticals   11.88        Grand Capital   5.38        El Ahram Co. For Printing And    10.68        Minapharm Pharmaceuticals   25.49        El Arabia Engineering Industri   13.52        El Nasr For Manufacturing Agri   9.71        Naeem portfolio and fund Manag   1.7        Faisal Islamic Bank of Egypt -   6.76        Natural Gas & Mining Project (   68.26        Housing & Development Bank   13.95        East Delta Flour Mills   31.5        Orascom Development Holding (A   3.22        Memphis Pharmaceuticals   11.12        Abou Kir Fertilizers   134.23        Delta Insurance   5        Cairo Investment & Real Estate   12.18        Cairo Oils & Soap   12.98        Egyptian Arabian (cmar) Securi   0.36        Egyptian Real Estate Group Bea   15.56        Alexandria Containers and good   85.51        Upper Egypt Flour Mills   45.78        Development & Engineering Cons   9.94        Sinai Cement   15.18        Medical Union Pharmaceuticals   28.01        Torah Cement   24.2        Alexandria New Medical Center   46.55        Export Development Bank of Egy   5.04        Egyptian Company for Mobile Se   92.02        Middle & West Delta Flour Mill   32.7        El Kahera El Watania Investmen   4.18        Mansourah Poultry   12.41        Delta Sugar   11.04        Misr Beni Suef Cement   41.21        Egyptian Satellites (NileSat)   6.14        Cairo Educational Services   17.75        Lecico Egypt   7.55        Sharm Dreams Co. for Tourism I   5.3        General Silos & Storage   10.77        Al Moasher for Programming and   0.66        UTOPIA   5.28        Arab Ceramics (Aracemco)   25.4        Barbary Investment Group ( BIG   0.98        


The Watch - forex news

Amwal Al Ghad English - 2014-11-18 09:55:25
The yen stayed weak against major currencies in Asia Tuesday as investors eagerly await a possible decision later in the day by Prime Minister Shinzo Abe to put off another increase in sales tax and hold a snap election. On Monday, the Japanese currency got a brief rally following a surprise contraction in the country’s growth in the July-September quarter, which damaged investors risk-taking sentiment. But the move was short-lived. The dollar USDJPY, +0.20% was at ¥116.53 from ¥116.56 late Monday in New York. The euro EURJPY, +0.62% was at ¥145.35 against ¥145.12 after the European Central Bank President Mario Draghi on Monday expressed a willingness to take additional easing steps to prevent deflation. “Overseas investors appear to be feeling the dollar’s resilience in light of its staying above 115 overseas despite surprisingly negative Japan’s figure,” said Yuji Saito, executive director of foreign exchange at Crédit Agricole Corporate & Investment Bank. “They are again leaning toward dollar longs,” he added. Mr. Saito said while a combination of the tax delay and the general election has been priced in the market, attention has shifted to how large the government will compile an extra budget to bolster the economy. “If the size were to be 5 trillion, that could prompt dollar buying,” he added. The additional stimulus worth ¥3 trillion has been factored into, he added. Mr. Abe is likely to delay a scheduled sales-tax increase by more than a year from the original planned October 2015, dissolve the lower house on Wednesday, and hold a general election on Dec. 14. The Bank of Japan’s two-day policy board meeting that ends Wednesday is also in focus. At the board’s Oct. 31 meeting, the central bank stepped up its already aggressive easing to prevent deflation from budding again. But most market participants don’t expect a back-to-back easing by the BOJ. Masafumi Yamamoto, market strategist at Praevidential Strategy in Tokyo said Monday’s unexpected fall in Japan’s third-quarter GDP figures would only help strengthen the likelihood of further easing by the BOJ. “It was an unexpected downturn in the economy, but this can only strengthen the BOJ’s easing stance, not weaken it,” he said. “It appears that the dollar/yen’s upward trend will continue.” In other currency trading, the euro EURUSD, +0.41% was at $1.2472 from $1.2451. The WSJ Dollar Index BUXX, -0.24% a measure of the dollar against a basket of major currencies, was down 0.14% at 80.05. More»
Amwal Al Ghad English - 2014-11-18 09:47:51
Crude-oil futures were lower in Asian trade Tuesday with investors largely uncertain about the outcome of the meeting of the Organization of the Petroleum Exporting Countries next week. On the New York Mercantile Exchange, light, sweet crude futures for delivery in December CLZ4, +0.90% traded at $75.34 a barrel, down $0.30 in the Globex electronic session. January Brent crude LCOF5, +0.74% on London’s ICE Futures exchange fell $0.35 to $78.96 a barrel. Opinion is divided about the production policy and prices at the OPEC meeting on Nov. 27 and money managers for the time being are reluctant to bet on increasing oil prices, Harry Tchilinguirian, head of commodities at BNP Paribas said. He said OPEC’s decision will come on Thanksgiving when U.S. markets are closed and liquidity is low, which means that prices could prove to be highly volatile. Analysis also suggests stronger negative sentiment, which means that a potential fall in oil prices is likely to be sharper than a potential increase in oil prices, depending on OPEC’s decision, Mr. Tchilinguirian said. Markets have been speculating whether the 12-member oil cartel will cut its oil production to reduce oversupply and boost prices. Saudi Arabia, OPEC’s largest oil producing member, has typically acted as the swing producer but may no longer take unilateral responsibility to undertake supply cuts. Saudi Arabia’s oil minister Ali al-Naimi recently indicated that it won’t cut production unless there is a collective commitment by OPEC, according to a Wall Street Journal report citing officials. Markets are nervously awaiting the OPEC meeting next week but it is too early to make a firm call on an OPEC decision, Greg Priddy, director of energy and resources at Eurasia Group said. More»
Amwal Al Ghad English - 2014-11-05 09:23:58
The dollar and U.S. stock futures pushed higher on Wednesday after Republicans scored a sweeping victory in U.S. mid-term elections, while Asian shares wilted and oil prices extended losses after more soft economic data from China. Financial spreadbetters expected the equities gloom to lift in early European trade, predicting Britain's FTSE 100 .FTSE and France's CAC 40 .FCHI would open up as much as 0.7 percent, with Germany's DAX .GDAXI seen up as much as 0.8 percent "We are calling the major bourses firmer with yesterday's sell-off seemingly overdone," IG market strategist Stan Shamu wrote in a note. Republicans seized control of the U.S. Senate and also strengthened their grip on the House of Representatives. When the new Congress takes power in January, they will be in charge of both chambers of Congress for the first time since elections in 2006, raising hopes for an end to political gridlock in Washington. S&P E-mini futures ESc1 rose 0.4 percent, pointing to a stronger open on Wall Street. A weaker yen bolstered exporters shares in Japan, helping the Nikkei stock average .N225 erase early losses and end up 0.4 percent at its highest closing level since October 2007. But other Asian stock markets were weighed down by a spate of surveys in recent sessions suggesting that China's economy continued to lose momentum heading into the fourth quarter. MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS dropped 0.5 percent. Service sector growth in China weakened in October as new business cooled, a private survey showed on Wednesday, coming just days after other data revealed sluggish factory growth in the world's second-largest economy that could prod Beijing to unveil fresh stimulus measures. DOLLAR REBOUNDS The dollar index was up about 0.2 percent on the day at 87.159 .DXY, edging back toward its four-year high of 87.406 touched on Monday. The dollar rebounded after an earlier dip as investors locked in profits after this week's rally, while a Reuters report saying central bankers in the euro zone plan to challenge European Central Bank President Mario Draghi's leadership style led to short-covering in the euro earlier. Some members intend to raise their concerns with Draghi at the governors' traditional informal working dinner on Wednesday before the ECB's formal monthly rate-setting meeting on Thursday, the sources interviewed by Reuters said. "We do not expect further easing at Thursday’s ECB meeting but it may give more insight into its new asset purchase programs," strategists at Barclays said. The dollar was buying 114.16 yen JPY=, up 0.5 percent after touching a fresh seven-year peak of 114.40 yen. The euro edged down about 0.1 percent to $1.2537 EUR= but remained above a two-year low of $1.2439 set on Monday. The European Commission on Tuesday downgraded its forecast for euro zone economic growth over the next few years, leading investors to raise bets the ECB might consider more action to stimulate the region's economy. On Wall Street on Tuesday, the S&P 500 .SPX and Nasdaq Composite .IXIC ended lower after the big drop in oil prices, while the Dow Jones industrial average .DJI eked out a small gain, with energy shares under pressure. U.S. data on Tuesday revealed a surprise widening of the trade deficit last month, which raised speculation that the initially reported 3.5 percent pace of third-quarter U.S. growth could be revised down. That in turn could reduce the likelihood that the U.S. Federal Reserve would hike interest rates in 2015. The Commerce Department said the trade deficit grew 7.6 percent to $43.03 billion, compared with a forecast of $40.00 billion among analysts polled by Reuters. The data increased the safe-haven appeal of U.S. Treasury notes, pushing down the benchmark 10-year yield US10YT=RR and weighing on the dollar. The yield stood at 2.344 percent in Asia, compared to its U.S. close of 2.342 percent on Tuesday, when it fell as low as 2.303 percent. Crude prices extended losses after tumbling to multi-year lows on Tuesday on news that top oil exporter Saudi Arabia had cut its U.S. sales prices. U.S. crude futures CLc1 edged down about 0.2 percent to $77.01 a barrel in Asia after reaching the lowest intraday price since October 2011 after the Saudi move. Brent LCOc1 fell about 0.5 percent to $82.37. Spot gold XAU= fell about 0.4 percent to $1,163.00 an ounce, down for the fifth session in six to mark fresh four-year lows. Silver XAG= tracked gold lower, shedding over 2 percent to $15.58 - its lowest since February 2010. More»
Amwal Al Ghad English - 2014-11-04 10:30:41
Oil prices tumbled to their lowest point in more than two years after Saudi Arabia unexpectedly cut prices for crude sold to the U.S., likely paving the way for further declines and adding to pressure on American energy producers. The decision by the world’s largest oil exporter sent the Dow industrials DJIA, -0.14% into negative territory for the day amid concerns about the pace of global growth. The move heightened worries over the resilience of the U.S. oil industry, which has expanded rapidly in recent years. But that growth, driven largely by new production technology used to extract oil from shale-rock formations, has never been tested by a prolonged slump in prices. While lower crude prices generally help consumers by reducing the amount they pay for gasoline, analysts said falling energy prices will squeeze profit margins at many U.S. energy companies, particularly smaller firms or those with large debt loads. Meanwhile, Saudi Arabia raised the prices for its oil in other locations, including Asia, where the country had cut its prices for four consecutive months. Market watchers had expected the Saudis to either cut prices in every major region, suggesting an intention to compete for buyers, or to raise prices across the board. Asia has been an especially competitive market for exporters in recent months, so the focus on maintaining market share in the U.S. was surprising to traders, some of whom interpreted the action as taking aim at U.S. shale-oil production rather than being driven by supply and demand. “The market reacted to it very negatively, thinking, ‘Here we go, we’re going to have a price war in the United States,’ ” said Anthony Lerner, senior vice president of industrial commodities at brokerage R.J. O’Brien & Associates LLC. More»
Amwal Al Ghad English - 2014-11-03 15:45:09
The U.S. dollar shot even higher against the Japanese yen on Monday, skirting levels not seen since 2007, in the wake of last week’s strong data out of the U.S. and a big stimulus package out of Japan. In addition, an official gauge of China factory activity released over the weekend, showed activity fell to a five-month low in October, suggesting more help may be needed for the world’s biggest economy. The dollar also traded near that 7-year yen high on Friday after unexpected stimulus from Japan. On Monday, the dollar USDJPY, +1.08% surged 1.4% to ¥113.76 from ¥112.33 late Friday. Late Thursday, ahead of the BOJ, the currency traded at ¥109.22. Strategists are watching to see if the dollar takes out a major resistance level -- ¥114.02 hit in late December 2007. Kit Juckes, global macro strategist at Société Générale, said in a note that now that the dollar has taken out ¥112.80, that opens a path to ¥115, and then the 2007 high above ¥123. “Adjust those levels for inflation and they make the yen look ludicrously cheap, but that’s not really relevant until the economy gets back on an even keel,” he said in a note. Big data from the U.S. comes this week -- nonfarm payrolls on Friday. John Hardy, head of FX strategy at Saxo Bank, said in a commentary on the bank’s Web site, that another strong batch of data this week and the next month, could keep the dollar charging against the yen. The yen also tumbled against the British pound GBPJPY, +1.24% , dropping 1.3% to ¥182.01 and the euro EURJPY, +0.92% , down 1% to ¥142.29. The WSJ Dollar Index BUXX, +0.61% a measure of the dollar against a basket of major currencies, was up 0.2% to 78.96. The ICE Dollar Index DXY, +0.21% rose to 86.10 from 86.907. The euro EURUSD, -0.15% fell to $1.2505 from $1.2526 late Friday, but broke the Oct. 3 low of $1.2501, noted Christ Weston, chief market strategist at IG in a note. “The fact the euro has also fallen relative to the yen and British pound (despite growing concerns from Angela Merkel about the U.K. leaving the EU) highlights the fact traders are now expecting some sort of retaliation from the ECB at this Thursday’s central bank meeting,” said Weston, though he added that’s probably unlikely, as the central bank will wait to see if the current round of measures will boost inflation expectations. Read: Don’t miss these 5 highlights in Europe this week The British pound GBPUSD, +0.16% slipped to $1.59863 from $1.5999 late Friday, after manufacturing PMI for the U.K. beat expectations. More»
Amwal Al Ghad English - 2014-11-03 09:04:46
The dollar jumped to an almost seven-year high versus the yen, oil fell and bonds rose as slowing Chinese manufacturing growth and the Bank of Japan’s unexpected stimulus highlighted diverging growth outlooks for the U.S., Asia and Europe. The ruble fell and natural gas futures gained. The Bloomberg Dollar Spot Index advanced 0.3 percent by 8:26 a.m. in London, as the greenback bought 112.76 yen, the most since December 2007. The euro was near a two-year low and gold fell 0.4 percent to $1,168.85 an ounce in the spot market. West Texas Intermediate crude dropped 0.6 percent and gas futures surged 4.1 percent on forecasts for cold U.S. weather. Standard & Poor’s 500 Index futures were little changed and Treasuries rallied. Russia’s currency slid 1.1 percent. The dollar gauge is heading for a level last seen in June 2010 after U.S. consumer-confidence and manufacturing reports Oct. 31 underscored the strength of the world’s biggest economy relative to the outlooks in Europe and Asia. An official gauge of Chinese factory output unexpectedly dropped in October, data at the weekend showed, while a private gauge today was unchanged from September. Japan’s markets are closed for a holiday after the country’s central bank surprised investors by increasing its unprecedented monetary easing program. “The dollar’s strength will continue to persist given the widening interest-rate outlooks between the U.S., Japan and Eurozone,” Audrey Goh, a Singapore-based investment strategist at Standard Chartered Plc, said by phone. “Growth momentum in the U.S. has been quite robust. Europe, on the other hand, is continuing to see weakening economic data. That will pressure the ECB to do more easing, following the BOJ’s move last week.” Euro, Franc The Swiss franc retreated and the euro dropped 0.3 percent to $1.2490 after falling to as low as $1.244, the lowest intraday level since Aug. 22, 2012. The European Central Bank, which meets this week, is also expanding its stimulus efforts, cutting interest rates twice since June and starting asset purchases and a targeted loan plan for banks. Inflation in the 18-nation region accelerated from a five-year low in October, data Oct. 31 showed. The ruble retreated to 43.5010 to the U.S. dollar, continuing a slide that was only briefly interrupted on Oct. 31 when by a larger-than-forecast increase of Russia’s key interest rate. The Bank of Russia raised its key rate to 9.5 percent percent from 8 percent, according to a website statement. That surprised all 31 economists surveyed by Bloomberg. The currency slid 0.8 percent to 54.3805 per euro. Yen Prospects The yen tumbled 2.9 percent Oct. 31 after the unexpected BOJ announcement, which saw five of nine BOJ board members -- including Governor Haruhiko Kuroda -- vote in favor of raising the annual target for enlarging the monetary base to 80 trillion yen ($710 billion), from a range of 60 to 70 trillion yen previously. The currency dropped as much as 0.6 percent today to 112.99 per dollar after losing 3.9 percent last week, its worst such slump since December 2009. “The more you look at both the strengthening U.S. data and what the BOJ has done the more you think that the yen has further to go,” Sam Tuck, a senior currency strategist at ANZ Bank New Zealand Ltd., said by phone from Auckland. Nikkei 225 Stock Average futures traded in Singapore are signaling Japanese equities may rally further when markets open tomorrow. The December contract traded as high as 17,070 today, 4 percent above the underlying gauge’s close on Oct. 31, when it surged 4.8 percent. The Nikkei 225 hasn’t traded above 17,000 since October 2007. Europe Stocks The Stoxx Europe 600 Index was little changed today after jumping 1.8 percent on Oct. 31. Diageo Plc climbed 0.7 percent, heading for a sixth straight gain. The liquor maker agreed to trade its Bushmills Irish whiskey brand to Jose Cuervo Overseas as part of a deal to acquire full control of Tequila Don Julio and $408 million in cash. Ryanair Holdings Plc (RYA) surged 8.6 percent after the budget airline operator upgraded its full-year profit goal for the second time this year, saying that any slowdown in the European economy could push people in its direction. HSBC Holdings Plc (HSBA), Europe’s largest listed bank, slipped 2 percent in London after reporting earnings that missed estimates. U.S. data last week showed the world’s largest economy grew an annualized 3.5 percent in the third quarter, exceeding estimates and, with declining applications for unemployment benefits, helping to validate the Fed’s decision to end a third round of asset purchases. Gold extended declines today after sliding 2.2 percent Oct. 31 and touching $1,161.35, its lowest intraday price since July 2010. The precious metal dropped 4.7 percent last week to cap a second straight monthly loss. Hong Kong Silver slipped 1 percent to $15.9908 an ounce today, after reaching $15.7908 Oct. 31, its lowest level since February 2010. Platinum fell 0.1 percent while palladium added 0.5 percent. The Hang Seng China Enterprises Index slid 0.9 percent in Hong Kong. A pullback in services and manufacturing will test the Chinese government’s determination to refrain from increased stimulus as the world’s second-largest economy heads toward the slowest full-year growth since 1990. The economy expanded 7.3 percent in the third quarter, the weakest pace in more than five years. Australia’s dollar retreated 0.6 percent to 87.44 U.S. cents. Oil futures dropped to $80.02 in New York after sliding below $80 during trading on Oct. 31. Brent crude weakened 0.4 percent to $85.45 in London. Saudi Arabia is set to announce crude-export prices for next month after charging the least in almost six years for some November shipments to Asia. More»
Amwal Al Ghad English - 2014-10-30 14:49:52
The table below shows the exchange rates of the Arab and foreign currencies against the Egyptian pound by end of the current week’s trading: More»
Amwal Al Ghad English - 2014-10-30 09:58:34
The Russian ruble continued dropping to fresh record lows against the dollar and the euro Thursday, raising expectations that the central bank would need to take extra measures to contain the depreciation. The ruble eased nearly 0.4% in the first minutes of trading on the Moscow exchange to 43.36 after briefly hitting its weakest ever level of 43.66, which bring the ruble's year-to-date depreciation to nearly a quarter. Compared with the euro, the ruble was steady at 54.58 after briefly spiking to 55.49. Versus the euro-dollar basket, that the central bank uses to track the domestic currency market, the ruble shed 0.3% to a new low of 48.47. The central bank said Thursday it shifted the ruble's trading band to 39.20 to 48.20 against the basket close to the end of the main trading session on Wednesday. More»
Amwal Al Ghad English - 2014-10-30 09:54:36
Gold prices came under pressure again Thursday, retreating after the Federal Reserve pulled the plug on its stimulus program and showed confidence that the U.S. economic recovery is on track. At last check, gold for December delivery GCZ4, -1.71% was down another $20.50, or 1.7%, to $1,204.20 an ounce. December silver SIZ4, -2.43% dropped 44 cents, or 2.5%, to $16.83 an ounce. A day earlier, the anticipation of the Fed’s farewell to QE3 did little to inspire gold buying — or equity buying, for that matter. Though damage was minimal in both cases. Before Thursday’s retreat, HSBC analyst Patrick Chidley said that the selloff in gold prices has been overdone and that a rebound in demand is already underway. “The most recent economic news points to the need for more monetary stimulus, which could be gold-positive, at least in the long run,” he said. The next economic checkup will be the GDP number Thursday morning. Analysts are looking for a 2.8% annualized improvement. Initial weekly unemployment claims hit at the same time. Elsewhere in metals trading, January platinum PLF5, -1.21% lost $14.20, or 1.8%, to $1,253.70 an ounce, giving back all of the prior session’s gains and then some. December palladium PAZ4, -1.45% was hit even harder, down $14.20, or 1.8%, to $786.50 an ounce. High-grade copper for December delivery HGZ4, -0.92% gave up 4 cents to $3.07 a pound. More»
Amwal Al Ghad English - 2014-10-30 09:52:04
The dollar was higher against the yen and the euro in Asia trade Thursday, as a slightly more hawkish tone in U.S. Federal Open Market Committee statement reaffirmed that the Fed was moving toward a tighter monetary policy more quickly than its peers. The dollar USDJPY, +0.21% was at ¥109.03 from ¥108.90 late Wednesday in New York, while the euro EURUSD, -0.45% was at $1.2613 from $1.2631. The common currency EURJPY, -0.23% was at ¥137.53 from ¥137.69. The greenback hovered around the ¥109.00 threshold throughout the session after briefly touching ¥109.12, its highest since Oct. 7. While making a widely expected decision to end its monthly bond-buying at the end of this month, the Federal Reserve said in its statement that rates could rise sooner or later, depending on how the economy performs. The central bank also dropped the word “significant” in describing underutilization of the labor market, a sign it is more upbeat on jobs. During Asia trade, the dollar weathered profit-taking and selling from Japanese exporters related to settlements for commercial transactions ahead of month-end book closing. “The market responded amenably to the FOMC,” said Ayako Sera, head of research at Sumitomo Mitsui Trust Bank. The stock market’s gain also supported the dollar-yen, she said. The Nikkei Stock Index NIK, +0.67% rose 0.7% to 15,664.58 as of midday. The dollar is “trending upward,” said Mizuho Securities chief FX strategist Kengo Suzuki. The FOMC statement reminded the market of the divergence of U.S. and Japanese monetary policies over the mid to longer term, he said. Sumitomo Mitsui’s Ms. Sera said, “We may have to expect the dollar to go toward ¥110” later this week. But the greenback won’t likely break above ¥110 anytime soon, she added, noting that the FOMC statement showed that the U.S. now has a “free hand” in making rate decision, without making any specific commitment. The WSJ Dollar Index BUXX, +0.28% a measure of the dollar against a basket of major currencies, was up 0.13% at 78.04. More»