The News Review:

- FREX-Dollar euro soar vs Swiss franc after SNB intervenes
- FREX-Dollar rebounds on China exports slump
- FREX-Dollar gains broadly as stocks fall on banking woes
- FREX-Yen strengthens NZ dollar firm after rate cut
- Nigeria: CBN Begins Special Forex Intervention Today

FREX-Dollar euro soar vs Swiss franc after SNB intervenes
Reuters
retail sales were better than expected (Updates prices adds comments) By Gertrude Chavez-Dreyfuss NEW YRK March 12 (Reuters) – The U. dollar and eurojumped against the Swiss franc on Thursday after the SwissNational Bank said it was intervening in the market as it facedthe growing risk of deflation. In a statement a spokesman for the Swiss central bank saidit was “implementing” its decision to buy foreign currencies. The SNB also cut interest rates on Thursday by a quarter pointto a historic low offering three- six- and 12-month funds at0.

FREX-Dollar rebounds on China exports slump
Reuters
A fall in European equities also helped support the dollarwhich had started the Asian session on the back foot following arally in U. shares on Tuesday on news that Citigroup wasprofitable in the first two months of 2009 [ID:nN10541492]. But investor sentiment remained jittery with worries aboutthe world economy and banking sector never far from the surface.

FREX-Dollar gains broadly as stocks fall on banking woes
Reuters
equity index futures are driving forex priceaction again” said Adam Cole global head of forex strategy atRBC Capital Markets in London. “The dollar is stronger across the board but withparticularly marked gains against an independently weak pound. By 1208 GMT the dollar index rose 0.
Related from Ytbao: Asian Stocks Post Weekly Gain; Cnooc Rises on Commodity Prices

FREX-Yen strengthens NZ dollar firm after rate cut
Reuters
The yen edged up after the data was released althoughtraders said the market’s view on the economy was unchanged. “The GDP data was a bit better than expected but it didn’thave much impact on the forex market” Kubo said. But the yen gathered steam as the session wore on. The dollar fell as low as 95. 95 yen on trading platform EBSits weakest in two weeks and was down 1.

Nigeria: CBN Begins Special Forex Intervention Today
AllAfrica.com
GA_googleFillSlot( “AllAfrica_Story_Inset” );fficial exchange rate has ranged between N144-N150 to the United States Dollar since January while parallel market rates have hit an all-time high of N181 before closing at N175 on Wednesday. A source at the CBN said the plan includes special foreign exchange (forex) intervention in which cash is sold to the bureau de change (BDC) of deposit money banks. But only banks with large branch networks will be involved at the initial stage. Banks were directed earlier this week to suspend the sale of forex on the counter pending the harmonisation of the structure that would bridge the gap in the official and parallel market rates. Under the new regime that starts today the source added that forex in cash will be made available at all CBN branches for easy accessibility by the authorised dealer banks. Banks will purchase forex cash through bidding and their BDCs will sell at no more than two per cent above the CBN rate.