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China’s Interest Rate Cut Lifts Australian Dollar

By , November 21, 2014 4:33 pm

Australian coins and banknotesThe Australian dollar climbed today, reaching the highest level in more than a year and half against the Japanese yen. The rally followed a surprise interest rate cut from China’s central bank.

The People’s Bank of China made an unexpected move today, announcing that it lowers the one-year deposit rate by 0.25 percentage point to 2.75 percent and reduces the one-year lending rate by 0.4 percentage point to 5.6 percent. The changes will take effect tomorrow. It was the first interest rate cut in over two years. While analysts were counting on such decision, they were surprised by its timing.

The monetary easing suggests that the central bank wants to reinvigorate economic growth. China is the biggest trading partner of Australia, meaning that faster growth in the Asian nation should lead to higher demand for Australian exports.

AUD/USD advanced from 0.8617 to close at 0.8668, reaching the high of 0.8722 intraday. EUR/AUD plunged from 1.4543 to 1.4295. AUD/JPY ticked up from 101.84 to 102.03, while its daily maximum of 102.84 was the highest since April 2013.

If you have any questions, comments or opinions regarding the Australian Dollar, feel free to post them using the commentary form below.

Forex News

US Dollar Mixed, Touches New Multi-Year High vs. Yen

By , November 20, 2014 4:04 pm

A heap of hundred dollars US billsThe US dollar was mixed today despite fairly supportive economic reports from the United States. Still, the currency managed to reach new multi-year high versus the Japanese yen before pulling back closer to the opening level.

With accelerating inflation and unexpectedly good manufacturing data from the Philadelphia Fed, one might assume that the dollar would outperform its peers. Yet it was not so. It is even more surprising if one recalls that data from Europe was far worse than market participants have counted on.

For whatever reason the greenback showed relatively poor performance today, the US currency still has support from fundamental factors in the longer run. Prospects for monetary tightening from the Federal Reserve and economic woes in Europe and Japan will likely be attracting investors to the dollar in the foreseeable future.

EUR/USD ticked down a little from 1.2552 to 1.2541 as of 22:42 GMT today. GBP/USD traded at 1.5687 after opening at 1.5680. USD/JPY went up from 117.95 to 118.21, and its daily high of 118.97 was the highest since July 2007.

If you have any questions, comments or opinions regarding the US Dollar, feel free to post them using the commentary form below.

Forex News

NZ Dollar Fall on Risk-Off Sentiment, Bounces

By , November 19, 2014 10:08 am

All NZD denominationsThe New Zealand dollar fell today as the market sentiment remained negative for currencies associated with risk. Japan with its economic problems is still a major source of concerns for investors, which drives them away from higher-yielding assets. As of now, the kiwi trimmed losses versus its US counterpart and trades near the opening level against the Japanese yen.

The Forex market has been in the risk-off mode since Japanese Prime Minister Shinzo Abe said that he is going to postpone the planned sales-tax increase and will initiate premature elections. The announcement followed data that showed recession of Japan’s economy. The New Zealand currency fell as a result of the negative market sentiment. The decline of dairy prices was not helping either as milk products are important source of export revenue for New Zealand.

NZD/USD fell from 0.7921 to 0.7866 as of 14:35 GMT today, reaching the low of 0.7838 intraday. NZD/JPY fell from 92.56 to 92.09 before bouncing to the opening level later.

If you have any questions, comments or opinions regarding the New Zealand Dollar, feel free to post them using the commentary form below.

Earlier News About the New Zealand Dollar:

Forex News

US Dollar Slightly Lower, But Firm

By , November 19, 2014 4:41 am

The all-seeing eye on top of pyramid on one-dollar billEven though the US dollar is slightly lower against some of its major counterparts, it is still quite firm today. Many Forex traders are waiting for the release of the minutes from the latest Fed meeting to get an idea of what could be next.

Greenback is trading slightly lower against its European counterparts, and the dollar index is a little lower right now. However, the losses sustained by the greenback are small, and the US dollar is considered firm. Not a lot of movement is being seen right now as Forex traders wait for the release of the minutes from the latest Federal Reserve meeting.

Many expect that the minutes will show that the Fed continues to become increasingly hawkish. The expectation is that the Fed will raise interest rates sooner than expected. This policy divergence is expected to, in the long run, help support the US dollar against its major counterparts.

At 11:21 GMT the US dollar index is only slightly lower, falling to 87.6160 from the open at 87.6990. EUR/USD is higher, moving up to 1.2544 from the open at 1.2535. GBP/USD is also higher, gaining to 1.5681 from the open at 1.5631. USD/JPY is higher, remaining near multi-year highs, at 117.5840 from the open at 116.9250.

If you have any questions, comments or opinions regarding the US Dollar, feel free to post them using the commentary form below.

Forex News

Loonie Trades Mixed, but Higher Against the US Dollar

By , November 18, 2014 9:40 am

Some Canadian dollar billsCanadian dollar is trading mixed today, but is higher against the US dollar. With oil prices recovering a bit, and with the greenback pulling back a little after its recent run, the loonie is pressing its advantage.

Loonie is getting a little help against the greenback today, thanks in part to oil prices. Oil is gaining today, moving up toward the $ 76 a barrel mark. Crude oil has been dropping in price with a rise in US production, and that has impacted the loonie’s performance against the greenback, since the Canadian dollar relies heavily on oil prices for its support. With oil prices making some headway, though, that is helping the Canadian dollar against the US dollar.

Even though the loonie is improving against the US dollar, though, it isn’t up against all its other counterparts. Canadian dollar is trading mixed today. It is down against the euro today, thanks to the euro’s surge on the latest positive German ZEW data. Loonie has also been swinging between gains and losses against the UK pound. The pound has had troubles, but seems to be making a bid for recovery.

At 11:19 GMT USD/CAD is down to 1.1280 from the open at 1.1296. EUR/CAD is up to 1.4124 from the open at 1.4064. GBP/CAD is down to 1.7667 from the open at 1.7668.

If you have any questions, comments or opinions regarding the Canadian Dollar, feel free to post them using the commentary form below.

Forex News

US Dollar Pulls Back, Consolidating After Recent Rally

By , November 18, 2014 9:39 am

Some US one-dollar billsUS dollar is pulling back, consolidating after its recent rally. With Fed minutes due to be released tomorrow, and interest in what they will show high, many Forex traders are repositioning themselves.

Greenback is lower almost across the board today as Forex traders take profits from the recent dollar rally, and as they consolidate their positions. The Federal Reserve will release the minutes of its latest meeting tomorrow, and many will be checking for signs that interest rates will rise faster and sooner than expected, which would give the US dollar a jolt.

For now, the lower dollar is providing some help to gold prices, which often move inversely to the greenback. Gold is higher, rallying to above the $ 1,200 mark for the first time in a long while. This may not last, though, if tomorrow’s Fed minutes give Forex traders reason to expect more dollar strength in the near term.

At 11:43 GMT the US dollar index is lower, falling to 87.5910 from the open at 87.8710. EUR/USD is higher, with the euro getting help from the latest ZEW data, moving to 1.2519 from the open at 1.2450. GBP/USD is up to 1.5667 from the open at 1.5640. USD/JPY is a little bit higher, gaining to 116.6940 from the open at 116.4570.

If you have any questions, comments or opinions regarding the US Dollar, feel free to post them using the commentary form below.

Forex News

NZ Dollar Turns Downward Reversing Rally

By , November 17, 2014 2:37 pm

50 and 100 New Zealand dollar billsThe New Zealand dollar was rising today for the most part of the current trading session, but the currency turned downward after about 17:15 GMT. The kiwi was rising earlier as retail sales exceeded expectations.

Statistic New Zealand released retail sales figures over the weekend. Sales were up 1.5 percent in the September quarter of this year from the previous three months compared to the predicted reading of 0.8 percent. Core retails sales grew 1.4 percent, also above expectations. Finance Minister Bill English said yesterday that the NZD/USD exchange rate should be at “mid-to-high 70s” to help economic growth of New Zealand.

NZD/USD was down from 0.7948 to 0.7915 as of 19:47 GMT today. NZD/JPY declined from 92.57 to 92.19 after touching 92.78 — the highest level since July 2007.

If you have any questions, comments or opinions regarding the New Zealand Dollar, feel free to post them using the commentary form below.

Earlier News About the New Zealand Dollar:

Forex News

Pound Drops vs. Dollar, Gains on Euro

By , November 17, 2014 2:36 pm

A fan of 50-pound billsThe Great Britain pound fell against the US dollar during the current trading session as today’s data showed decline of UK house prices. The general risk-off market sentiment was not helping the currency to hold ground against the greenback though it allowed the sterling to outperform the euro.

The Rightmove House Price Index dropped 1.7 percent in November from the previous month. House prices were still up on an annual basis. The unexpected recession in Japan made Forex traders prefer safer currencies, not riskier ones. This hurt the sterling, which was already soft due to last week’s comments from policy makers.

GBP/USD declined from 1.5682 to 1.5641 as of 20:21 GMT today following the rally to 1.5735. EUR/GBP edged down from 0.7987 to 0.7961.

If you have any questions, comments or opinions regarding the Great Britain Pound, feel free to post them using the commentary form below.

Earlier News About the Great Britain Pound:

Forex News

US Dollar Mostly Higher After Wild Morning

By , November 17, 2014 6:26 am

The all-seeing eye on top of pyramid on one-dollar billUS dollar is mostly higher after a wild morning in Forex trading. While greenback spiked against the yen earlier, the dollar is now down against its Japanese counterpart. However, the US dollar is higher against European currencies and against the Canadian dollar.

The US dollar index is higher today, gaining ground after a wild morning. The news that Japan had fallen into recession led to some swings in currency trading, with the greenback spiking against the yen before falling back. However, even though the dollar is lower against the yen, it still maintains strength against European currencies. The weakness seen in the eurozone continues to keep the euro down, and the dollar is also higher against the UK pound.

Dollar is getting help as well from lower commodities. While gold prices are inching a bit higher today, they are weak overall, and oil prices continue to drop. Even the deal between Russia and China, made last week, isn’t enough to de-throne the US dollar.

At 11:46 GMT the US dollar index is moving higher, gaining to 87.7070 from the open at 87.5830. EUR/USD is heading lower, dropping to 1.2503 from the open at 1.2533. GBP/USD is down to 1.5648 from the open at 1.5683. USD/JPY is down to 116.2710 from the open at 116.4450.

If you have any questions, comments or opinions regarding the US Dollar, feel free to post them using the commentary form below.

Earlier News About the US Dollar:

Forex News

Putin: Russian Economy Won’t Be Dominated by ‘Dollar Dictatorship’

By , November 15, 2014 1:30 pm

Putin: Russian Economy Won’t Be Dominated by ‘Dollar Dictatorship’
By: Mikhail Klimentiev on: 15.11.2014 [05:29 ] (198 reads)

Vladimir Putin gives interview to TASS news agency
Putin: Russian Economy Won’t Be Dominated by ‘Dollar Dictatorship’

© Sputnik. Mikhail Klimentiev

12:00 14.11.2014(updated 18:01 14.11.2014)

Russia is leaving the dictatorship of the market where oil goods are based on the dollar and won’t back down in face of a drastic drop in world prices on energy resources, Russian President Vladimir Putin said Friday.

MOSCOW, November 14 (Sputnik) – Russia plans to leave the “dollar dictatorship” of market oil prices and turn to using the country’s national currency and the Chinese yuan, Russian President Vladimir Putin said Friday.

“We are leaving the dictatorship of the market where oil goods are based on the dollar and will increase the possibilities of using other national currencies: the ruble and the yuan,” Putin said in an interview with the Russian state news agency TASS.

On a November 9 meeting on the sidelines of the APEC summit Putin and Chinese President Xi Jinping discussed the possibility of using the yuan in transactions in fields of mutual cooperation.

Putin said in his Monday speech at the Asia-Pacific Economic Cooperation (APEC) summit in China that accounting in the ruble and yuan will most likely weaken the dollar’s influence on the global energy market.

Putin added that possibilities to increase the use of the Russian and Chinese currencies in bilateral trade, particularly in the energy sector, were being studied.

Russian Economy Unthreatened by Possible Drastic Drop in Energy Prices

Russian authorities have not excluded the possibility of a drastic drop in world prices on energy resources but are still prepared to uphold the country’s social obligations and economy, Russian President Vladimir Putin said Friday.

“We’re considering all of the different scenarios, including a so-called catastrophic drop in the prices of energy resources, which is completely possible, we acknowledge this,” Putin said.

“We are an oil and gas producing country and we treat our reserves carefully. They’re large enough and this allows us to be sure that we will fully fulfill all of our social responsibilities and will uphold all of the budget processes within definite frameworks and throughout the entire economy,” he told the Russian state news agency TASS in an interview.

The Russian leader added that sometimes the global economy faces imbalances of capital on the one hand, and commodities on the other hand, which may appear due to political considerations. The countries with emerging economies get into very difficult position during those times, especially those, which do not possess reserves similar to Russia’s.

“I’d like to say once again that I expect us to have a joint discussion and seek a joint solution on how to change things for the better and eliminate these imbalances,” Putin said.

In recent months Russia’s economy has been showing signs of a minor slowdown due to geopolitical tensions and Western sanctions over Russia’s alleged role in the Ukrainian crisis.

As a result of falling oil prices, the Russian ruble has fallen 23 percent against US dollar in the past three months. In October, Russian Economic Development Ministry increased predicted inflation rates for 2014, setting the forecast for this year to 7.2 percent from the original 6 percent.

Russia’s Oil Giant Rosneft Has No Financial Problems

Financial examination demonstrates that Russia’s major oil company Rosneft is not in financial difficulty, Russian President Vladimir Putin said on Friday.

“Recently, we checked the financial standing of Rosneft and didn’t find any problems there whatsoever. No financial problems at all,” Putin said in an interview with the Russian state news agency TASS.

In October, Russia’s Finance Minister Anton Siluanov said that Rosneft had asked for over 2 trillion rubles ($ 42 billion) from Russia’s National Wealth Fund to help withstand Western sanctions.

Putin stated that if the company needs more money, it must prove that the funds will be spent in such a way that there will be returns for the entire economy.

“I’d like to stress once again that if they need more money they must prove that these funds… will be spent for specific purposes and there will be returns for the entire economy, on top of returns for the company,” Russian leader explained.

Putin did not rule out the possibility that Rosneft could receive funds if necessary, but not before all the relevant factors are carefully examined.

“This will be a real assessment and I don’t rule out that Rosneft may get some funds. Yet the amount of such allocations and the terms require a thorough analysis. No hurry here,” Putin said, adding that he has already participated in discussions on this topic with Government Cabinet members and company heads.

“If I were a Rosneft CEO, I would ask for money, too. Why not? Who doesn’t ask for it today? Everyone’s asking for money and hoping to get it. The Government Cabinet – I know their position because I discussed it both with the Cabinet and Rosneft – will make a decision based not just on the needs of the company which we truly treasure and which we will definitely help,” Putin concluded.

Rosneft is a Russian oil giant, and one of the leaders in the country’s petroleum industry. The company’s activities include hydrocarbon exploration and production, offshore projects, hydrocarbon refining, and crude oil, gas and product marketing in Russia and abroad.

Putin Calls for Careful Consideration on Use of Reserves to Solve Economic Problems

The Russian government is not going to use reserve funds to solve current economic problems without carefully considering that it will have a positive outcome for the country’s entire economy, Russian President Vladimir Putin said Friday.

“Strictly speaking, we were planning this before, and in the current deteriorating conditions we will do so. But it does not mean that we should ‘burn’ these reserves without even thinking, not expecting adequate economic outcomes, only to solve the current problems,” Putin said.

In an interview with Russian state news agency TASS, the Russian president noted that government funds had been available “before all those negative events connected with the fluctuations in the ruble’s exchange rate or the fall in oil prices”.

At the same time, the president has noted that there is no need to use those funds to accelerate the Russian economy.

“If the funds are used, it will be done in several ways. One of them is the infrastructure development. That is exactly what we were planning to use the NWF National Wealth Fund money for,” Putin added.

On October 2, Russian Finance Minister Anton Siluanov said authorities had no plans to use resources from the Reserve Fund in 2015, but retained the right.

Nevertheless, in mid-October, Russian President Vladimir Putin stated Russia had enough reserves to meet state budget goals, regardless of global political and economic trends. He added the country’s budget could be adjusted to reflect fluctuations in oil prices, but vowed social spending would not be cut.

US ‘Drops Out of Context’ in G20 Decisions, Acts According to Own Interests

The United States does not implement decisions agreed at the G20 summit if they are not in line with its own interests, thus risking irrelevance in the global arena, Russian President Vladimir Putin stated Friday.

In particular, according to the Russian president, it concerns the decision on strengthening the role of emerging economies in the IMF with the redistribution of quotas.

“The US Congress blocked that decision and that’s all. The negotiators, our partners, are saying: well, we would be happy to do that, we did sign it, but the Congress does not let it through. So much for decisions,” Putin told the Russian state news agency TASS in an interview.

The Russian president added that the decision “shapes the international public opinion” as all the G20 countries and international actors find the decision reasonable and right.

As for US Congress’ refusal to pass the law on the redistribution of IMF quotas, it “indicates that the United States is dropping out of the general context of resolving the problems facing the international community. But nobody cares to remember this. Assuming its monopoly on world mass media, this information is hushed up. An impression is made that it does not really exist,” Putin said.

Putin also noted that the G20 forum is still relevant. “The G20 is a good platform to meet each other, discuss both bilateral relations and global problems, and develop at least some sort of common understanding what this or that problem is all about, and how to resolve it, to make a road map for joint work.”

“This is the most important thing because it is totally unrealistic to expect that everything that may be said there will be implemented, especially since the decisions themselves are not mandatory. To a certain degree they are neglected. And they are not observed whenever and wherever they are not in line with somebody’s interests. First and foremost, this is about the interests of global players,” the Russian president said.

Answering a question about whether decisions made at the G20 summit could be made mandatory, Putin said it is “impossible.”

“You know that there have been no such precedents in international practice. Except for the UN Security Council decisions regarding international security. But that procedure was generated in the very dramatic conditions of the bloody World War II. It is just unrealistic to expect that these days some new mechanisms may be established to enforce compliance with decisions, let alone decisions concerning economy. Let me say once again, all this is of moral, political and economic nature. Which in itself is not bad at all,” the Russian president said.

On November 15-16, Putin will visit Brisbane, Australia for the ninth G20 summit, which will see up to 4,000 delegates attending. The summit will focus on the recovery from the global financial crisis, climate change, employment and labor mobility, among other topics.

Putin to Be Tightlipped on Western Sanctions During G20 Summit in Australia

Russian President Vladimir Putin on Friday said he would not bring up the issue of sanctions during the G20 summit in Australia on November 15-16 and believes the sanctions imposed against Russia are the West’s geopolitical mistake.

“If the subject comes up, then of course I’ll say something, but personally I’m not going to bring this issue sanctions up for discussion because I think it’s useless,” Putin said.

“I believe this is a mistake even from the point of view of their Western countries geopolitical interests,” he told the Russian state news agency TASS in an interview.

Putin Warns Against Division of APEC Into Separate Competing Groups

On November 9, on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit in Beijing, the Russian president spoke about the necessity to consider Asian markets and currencies to partially substitute access to the financial resources of the European Union and the United States.

The United States, the European Union and a number of other countries have introduced several rounds of economic sanctions against Russia, targeting its banking, energy and defense sectors in response to the country’s alleged role in the Ukrainian conflict, an accusation Moscow has repeatedly denied. Russia imposed a one-year ban on certain food imports from those countries.

On November 15-16, the city of Brisbane in Australia will host the ninth G20 summit, which will see up to 4,000 delegates attending. The summit will focus on the recovery from the global financial crisis, climate change, employment and labor mobility, among other topics.

Putin Plans to Meet with German Chancellor Merkel at G20 Summit in Australia

Russian President Vladimir Putin said that he has scheduled several bilateral meetings in the framework of G20 summit in Australia, including the one with German Chancellor Angela Merkel.

The G20 summit will take place on November 15-16 in the Australian city of Brisbane. A morning before the official ceremony, leaders will hold an informal meeting to discuss current situation in the global economy, existing risks, threats and possibilities to overcome those.

“I have scheduled meetings there. With the German Chancellor… a lot of meetings,” Putin said in an interview with the Russian state news agency TASS.

Earlier it was reported that Putin also plans to meet with UK Prime Minister David Cameron and French President Francois Hollande.

In his interview, Russian leader added that existing problems and misunderstandings have not had an impact on his relations with Merkel.

“You know that we are guided by interests instead of sympathies and antipathies… And she had also been guided by same interests, just like any other leader of a nation, state or government. This is why I see neither considerable changes nor any substantial alterations in the nature of our relations,” Putin said.

The Russian leader and the German Chancellor have been holding frequent talks amid the Ukrainian crisis and the approaching deadline to reach Iranian nuclear agreement. While Putin and Merkel hold phone conversations every couple of weeks, the last time when they held bilateral meeting was during the ASEM summit in Milan in October.

The leaders share similar views toward many situations, however their approach to conflict in Ukraine differs. Merkel supported European Union’s sanctions against Russia over Ukrainian crisis, blaming Moscow for meddling in Ukrainian internal affairs — a claim Moscow repeatedly denied. In November, German Chancellor refused to lift anti-Russian sanctions, saying that Russia’s approval of the elections in Donetsk and Luhansk People’s Republics in eastern Ukraine contradict the Minsk agreements on crisis settlement. (en) RSS feed for articles and news