The News Review:
- Forex hedging rewards banks
- FREX-Dollar rises to 3-week high versus yen euro falls
- Turkey Ctrl Bk:Forex Reserves $70.1B In Week Ended Dec 26-IHA
- FREX-Dollar rises set to close its best year since 2005
- Market verview by Forex Yard
- Present forex reserve stands at $5.78b
Forex hedging rewards banks
Malaysia Star Malaysia
Analysts agree that the business has been growing steadily since early 2007. While quarterly results do not break down specific earnings from any particular product the gains in fee income and forex holdings imply that this is the trend going on in most banks said an analyst. CIMB Group head of group treasury Lee Kok Kwan told StarBiz: “CIMB has taken the opportunity to accelerate the increase in its forex market share in the current environment and has certainly benefited. ” As to how much the business has grown he said CIMB’s increase in income from this business was in line with its growth in sales volume and market share.
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.
Turkey Ctrl Bk:Forex Reserves $70.1B In Week Ended Dec 26-IHA
Alibaba News Channel NEW YRK
1B In Week Ended Dec 26-IHA. 259 billion to $70.
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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.
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.
Present forex reserve stands at $5.78b
The New Nation Bangladesh
The reserve rose to as high as $6. 18 billion during the tenure of caretaker government. During the rule of Hossain Mohammad Ershad in 1988-99 fiscal year the forex reserve was $ 900 million. The reserve came down to $520 million in 1990. The reserve started rising during 1991 when BNP took office. In June 1991 it rose to $880 million and rose to $3. 7 billion during 1995.