The uncertain economic situation on market creates great demand for safer currencies. Governments, worried by resulting appreciation, attempt to intervene to rein excessive appreciation of such currencies. Today, the Swiss franc was one of the currencies that felt pressure. The franc is still fee
The US dollar declined today, along with other safe currencies, as manufacturing growth in Europe and China was somewhat higher than was predicted by forecasters, reducing demand for the currency as a safe haven. HSBC Flash China Manufacturing PMI was at 49.8 in August, somewhat higher than the m
The Chinese yuan gained today on the speculation China will allow the currency to appreciate to combat inflation that accelerates with fast pace. China’s central bank set the exchange rate at 6.3987 per dollar, increasing the fixing for the second straight day. Market analysts explain that Chin
The yen fluctuated against the US dollar and fell against the euro today on the speculation that Japan will intervene to rein the excessive appreciation of the currency. Japanese Finance Minister Yoshihiko Noda said he’s ready to take appropriate measures after the yen jumped to the record 75.9
The South African rand declined today on the speculation the central bank will decrease interest rates to support the nation’s economy that feel the negative impact of the global economic slowdown. South African Reserve Bank Governor Gill Marcus said the central bank will “actively monitor
The New Zealand dollar jumped today on the speculation the US Federal Reserve will perform additional actions to support the faltering nation’s economy. Federal Reserve Chairman Ben S. Bernanke will speak on August 26 in Jackson Hole, Wyoming. It’s there last year he has told about the second
The Swiss franc extended its losses as traders are worried that the Swiss government is ready to go for extreme measures to tame the excessive appreciation of the currency. Swiss National Bank Vice President Thomas Jordan signaled that peg of the Swiss currency to the euro isn’t impossible. The
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