The News Review:
- FREX-Dollar rises to 3-week high versus yen euro falls
- Market verview by Forex Yard
- FREX-Dollar rises set to close its best year since 2005
- Forex reserves up by $561 mn
- Forex board: “Allocation of foreign exchange up 12 percent in 2008″
- Forex kitty swells by $651 m to touch $255 b
FREX-Dollar rises to 3-week high versus yen euro falls
Reuters
dollar rallied to athree-week high against the yen on the first trading day of2009 on Friday after a strong performance on Wall Streetencouraged risk appetite. The dollar also gained versus the euro after data showeddeepening recession in the euro zone and as traders deemed theeuro’s rapid advance last month was overdone. Thin holidaytrading volumes may have exacerbated currency moves analystssaid.
Market verview by Forex Yard
Forex Hound NY
The Pound at this high level against the greenback was obviously overvalued. The impact of the recession on Britain has therefore helped the cable tumble against the Dollar in such a short period as it was overvalued too. Today there is likely to be a fair amount of movement in the Forex market as traders and banks return to trading. By the end of the trading session there may be rapid movements in the Forex market as the market is likely to react on today’s economic developments as they unfold. Look for volatility in the Dollar before and after the release of the ISM Manufacturing PMI at 3pm GMT. Also traders are recommended to pay close attention to the correlation between the Dollar and the volatility in the price of il as Friday trading unfolds and traders act on the developments coming out of the War in the Middle East. * EURVolatility Set to Be High as Markets ReopenThe EUR and GBP may be more volatile as usual during today’s trading as markets act on pre-News Years Day news.
FREX-Dollar rises set to close its best year since 2005
Reuters
dollar rose onWednesday and was headed for its first yearly gain against theeuro since 2005 as the worst financial crisis in 80 years ledinvestors to take refuge in the greenback. The dollar was on track to end 2008 higher against mostmajor currencies as a financial meltdown prompted investors tosell stocks commodities and other risky assets and park themoney in the relative safety of the U.
Forex reserves up by $561 mn
Economic Times India
613 billiondollars for the week ended December26. The forex reserves stood at254. 052 billion dollars in the previousweek. During the week endedDecember 26 the foreign currency assets (FCAs) went up by $562 million to USD245. 870 billion against $ 245. 308 billion in the week-ago period Reserve Bankof India said in its weekly report heretoday.
Forex board: “Allocation of foreign exchange up 12 percent in 2008″
El Universal Venezuela
“During 2008 Cadivi authorized USD 48 billion that is 12 percent more than in 2007 when the allocation of foreign exchange was USD 43 billion” state news agency ABN reported. Barroso made his statement during TV show “Despertó Venezuela” (Venezuela woke up) broadcasted by state-run channel Venezolana de Televisión (VTV). The president of Cadivi said that out of this total USD 24 billion (55 percent) were allocated for ordinary imports. Barroso pointed out that 17 percent of ordinary imports were related to food imports.
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Forex kitty swells by $651 m to touch $255 b
Economic Times India
The annual growth inmoney supply for the latest fortnight ended December 19 was lower at 19. 6 %compared with 22. The latest figures released byRBI in its weekly statistical supplement indicates that foreign exchangereserves including gold and SDR rose $651 mn during the fortnight endedDecember 26 touching $254.