- China Poised To Loosen Grip On The Yuan: Report
April 18 2013 8:33 AM
China’s control over the value of its currency could soon be a little less strict, according to a top central bank official.
- Euro Slides on Possible ECB Rate Cut
April 18 2013 8:19 AM
The euro traded at $1.3053 on Thursday morning after falling more than one percent on Wednesday because of rumors that the European Central Bank was planning to cut interest rates in May. According to Reuters, an ECB Governing Council member, Jens Weidmann, made statements indicating that if economic conditions in the eurozone worsen, the bank may cut rates again. Weidmann's insights were a massive blow to the common currency, and European shares also fell to their lowest this year.
- German Debt Rises to Dangerous Highs
April 17 2013 8:57 AM
The euro traded above $1.30 on Wednesday morning, but faced pressure as German concerns threatened to derail the region's progress toward a unified banking system. The common currency traded at 1.3155 at 8:00 GMT on Wednesday. When European Union leaders agreed to create a unified banking system back in December, Germany was always hesitant about accepting the new union with open arms.
- Greece to Cut 15,000 Jobs as Part of Bailout Terms
April 16 2013 8:00 AM
The euro traded steadily at $1.30 on Tuesday morning after news that an anti-euro political party in Germany was gaining popularity. The radical movement is the latest in a series of public outcries from both northern and southern European nations that are getting tired of the ongoing eurozone bailouts and reforms.
- Weekly Summary on USD, EUR, JPY, GBP, AUD, CAD and RMB
April 15 2013 2:04 PM
USD slid lower against most majors, with recent negative economic data - Commodities dropped with disappointing data from China - GBP near two-month highs following a boost in home prices
- German Anti-Euro Party Making Waves
April 15 2013 9:32 AM
The euro began the week trading evenly at $1.30 after the region's policy makers backed a 10 billion euro aid package for Cyprus on Friday. However, Cyprus will need to find 13 billion euros on its own, a sum twice as large as the original estimate. The bailout remains uncertain as many analysts believe the tiny island nation won't be able to raise that kind of capital, and will eventually need more funding.
- Cyprus' Fundraising Needs Nearly Double
April 12 2013 8:38 AM
The euro traded just below $1.31 on Friday morning as eurozone finance ministers gathered in Dublin for an informal meeting to discuss, among other things, the Cypriot bailout. The bailout, which has caused outrage in Cyprus and many of its eurozone peers, originally required the tiny island nation to raise 7 billion euros on its own, and the European Union and International Monetary Fund would offer 10 billion.
- Cyprus Bailout Swells to 23 Billion Euros, Larger Than Cypriot Economy
April 11 2013 2:46 PM
Cyprus' financial sector bailout has swollen in size, according to draft documents from the international creditors including the International Monetary Fund, the European Central Bank and the European Union. Cyprus' bailout has swollen some 35 percent in just a few weeks, from an initial estimate of 17 billion euros to 23 billion euros Thursday.
- Rehn Calls Out France as Weak Link in Eurozone
April 11 2013 8:37 AM
The euro stumbled on Thursday morning and traded down to $1.30. Growing financial, political and social problems in the region have been weighing on the common currency recently, and many aren't expecting a resolution anytime soon. The European Commissioner for Economic and Monetary Affairs, Olli Rehn, warned that France is beginning to pose a large risk for the region on Wednesday.
- Problems in the North and South Threaten the Eurozone
April 10 2013 8:39 AM
The euro climbed to $1.31 on Wednesday morning despite a growing anti-austerity push that has been gaining momentum over the past month. Protests have been commonplace as climbing unemployment and harsh budget cuts have taken their toll on struggling nations; but now it seems resistance is ratcheting up as one by one, southern European countries are taking a stand against the eurozone's austerity-centered recovery plan.
- Yuan Internationalization: From Dim Sum To Chinese Banquet
April 10 2013 5:49 AM
Analysts see potential for African governments or corporations to issue dim sum bonds, though interest has been limited so far.
- Euro Steady at $1.30 As Portugal Looks for 1.3 Billion Euros to Cut
April 09 2013 9:01 AM
The euro continued to trade at $1.30 on Tuesday morning despite uncertainty following Portugal's rejection of European Union mandated spending cuts. The common currency has been under a lot of pressure recently as many of the bloc's southern members have begun to openly resist the eurozone's austerity driven recovery plan.
- Does Poor Jobs Data Mean More Stimulus Spending?
April 08 2013 10:58 AM
Speaking at the Economic Club of New York on March 25, William Dudley, president and CEO of the New York Federal Reserve, provided a blunt — and seemingly prescient — assessment of labor market conditions. “So how are we doing relative to our objective of a substantial improvement in the labor market outlook?” Dudley asked rhetorically in his speech, referring to the Fed’s decision to publicly tie monetary strategy to the unemployment rate.
- Is Cyprus Pushing The EU Down a Slippery Slope?
April 08 2013 10:28 AM
Cyprus was the fifth nation to formally seek emergency financial assistance from the Troika, a coalition of European Union finance ministers, the European Central Bank, and the International Monetary Fund responsible for ensuring euro zone economic stability. When the call for help went out a few weeks ago, Cyprus was juggling a banking system with assets equal to 750 percent of its 2012 GDP, which was about $24 billion. Meanwhile, the Troika was juggling complicated and politically tense multibillion-euro bailouts in four major economies.
- Portugal Next to Resist Eurozone Austerity Measures
April 08 2013 8:27 AM
The euro traded steadily at $1.30 on Monday morning after gaining 1.3 percent against the dollar after a disappointing jobs report from the US last week. This week US Treasury Secretary Jacob J. Lew will meet with European lawmakers to discuss strategies to promote economic growth and resolve the eurozone's debt crisis.
- Draghi Hints at Future Rate Cut
April 05 2013 8:56 AM
The euro rebounded on Friday morning after the European Central Bank's policy meeting concluded without any major changes to the region's policies. The common currency traded at 1.2919 at 7:00 GMT on Friday as investors regained confidence in the region.
- Investors Await Draghi's Plan to Save the Eurozone
April 04 2013 8:31 AM
The euro traded steadily near $1.28 on Thursday morning ahead of the European Central Bank's monthly policy meeting. The commodity traded at 1.2799 at 10:35 GMT as investors speculated about the bank's plans for the rest of 2013. The meeting is coming on the heels of dismal unemployment and manufacturing data that highlighted the bloc's worsening financial and social situation. Despite this, most analysts are expecting the eurozone finance ministers to leave the eurozone's record low 0.75 interest rate unchanged.
- Bank of Japan Puts the Pedal to the Metal With New Easing
April 04 2013 8:27 AM
A decade after Federal Reserve Chairman Ben Bernanke travelled to Japan and preached the benefits of reflationary policy to the Bank of Japan, it finally seems as though leaders at the Bank of Japan are heeding his call. With the latest moves overnight, the Bank of Japan, led by Governor Haruhiko Kuroda, has announced staunch new easing policies aimed at reflating the economy.
- Eurozone Unemployment Unchanged at Record High
April 03 2013 9:04 AM
The euro fell toward $1.27 on Wednesday morning after poor data showing no signs of recovery worried investors and confirmed that the region was likely to remain in a recession for a long time. The common currency traded at 1.2807 at 8:25 GMT.
- Cyprus Eases Capital Controls, Seeks Better Bailout Terms
April 02 2013 12:47 PM
Cyprus partially curbed capital controls on Tuesday, marginally freeing up the movement of money within the country. Capital flows were restricted on March 28, following a two-week bank closure that was the result of bailout negotiations involving the nation’s top two banks.