The News Review:
- Forex -US dollar slightly higher in Sydney morning trade after…
- Japan’s forex reserves hit record $1.02 trillion in March
- New disclosure norms on forex derivatives to hit Q4 earnings
- Accretion to forex stands at USD 67.2 bn
- Dollar sustains fresh losses in wake of US job cuts
Forex -US dollar slightly higher in Sydney morning trade after…
Forbes – Apr 6, 2008
dollar was trading slightly higher in Monday morning trade, regaining some ground after Friday’s fall following the release of far bigger-than-expected job losses in March. ‘There’s really not too much going on. It has been a relatively thin morning — the US dollar has been slightly bid upbut there’s not much happening because of events later in the week, ‘ said Robert Rennie, head of foreign exchange strategy at Westpac Banking Corp.
Japan’s forex reserves hit record $1.02 trillion in March
Forbes – Apr 6, 2008
02 trillion at the end of March from $1. 01 trillion in February, supported by a stronger euro, the Ministry of Finance said on Monday. Japan’s foreign reserves remain the second largest in the world next to China, whose holdings reached $1. 65 trillion at the end of February, according to the latest available figures from the Chinese government.
New disclosure norms on forex derivatives to hit Q4 earnings
Myiris.com – Apr 6, 2008
Results of the fourth quarter can unsatisfactory and possibly affect the sentiments of the investors that in turn will affect the stock market. Forex consultants have estimated that corporate India may be sitting on a Rs 120 billion to Rs 200 billion loss on its exposure to foreign exchange derivatives. Until now , the companies were not required to declare their gains or losses on derivatives products.
Accretion to forex stands at USD 67.2 bn
Myiris.com – Apr 6, 2008
The accretion to the foreign exchange reserves was USD 67. 2 billion on a BoP basis (excluding valuation effects) during April-December 2007. Valuation gain, reflecting the appreciation of major currencies against the US dollar, accounted for USD 8. 9 billion in total reserves during April-December of 2007 as against a valuation gain of USD 9.
Dollar sustains fresh losses in wake of US job cuts
Taipei Times – Apr 6, 2008
Market participants said the employment had weighed on the dollar, especially as fears grow that the world¡¦s largest economy could have fallen into a recession. ¡§This drop was greater than the market expected, but will only be the beginning of even steeper losses. The March payrolls number does not include the latest jump in jobless claims, which have hit recessionary levels,¡¨ said Kathy Lien, a chief strategist at Forex Capital Markets. Traders said the dollar was bruised by the job losses because the US Labor Department report raised the odds that the Federal Reserve would continue its rate-cutting campaign. Fed policymakers, led by Chairman Ben Bernanke, have slashed the federal funds short-term interest rate by three percent to 2. 25 percent since September to shore up economic growth. In late New York trading, the dollar was priced at 1.