Markets - FXMM
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JOHANNESBURG: Miners at South Africa's Anglo American Platinum will strike from Thursday evening over proposed job cuts, a union official said, driving its shares lower and sending the rand to a four-year low."The night shift today is not going underground, and also the day shift tomorrow is not going to work," said the branch official of the AMCU union, who did not want to be identified. He could not say how long the action might last.Amplats, an arm of Anglo American and the world's biggest platinum producer, said last week it would cut 6,000 jobs from its mines near Rustenburg, less than an initial plan to slash 14,000 that had triggered outrage in the government and unions.Still the Association of Mineworkers and Construction Union (AMCU), whose sudden emergence last year has roiled South Africa's mining industry, vowed to take action.Months of violent labour unrest in the mining sector last year, ...
ISTANBUL: The Turkish lira extended losses on Thursday before a monetary policy committee meeting when the central bank was expected to cut its key interest rates.A Reuters poll forecast the bank would lower its benchmark policy rate, overnight borrowing and lending rates by 50 basis points to guard against future lira appreciation and to boost economic growth.A decision is due at 1200 GMT."After having returned to the "low rates-tight macroprudentials mix" in April, the bank ...
SHANGHAI: China's yuan closed slightly lower on Thursday for the second day on the back of an overnight rally in the dollar in global markets.But the yuan is likely to retain its recent strength as central bank data showed capital continued to flow into the country on a large scale.Traders said the inflows have produced an abundance of dollars in the market that nobody appears to want.Spot yuan closed at 6.1492 against the dollar, slipping ...
ZURICH: The Swiss franc fell against the dollar and the euro on Thursday as dour economic data in the euro zone dampened sentiment for the single-currency.The franc fell to a four-month low past 1.25 against the euro on Wednesday hurt by recent benign Swiss inflation and waning safe-haven inflows before later paring losses.On Thursday, it slipped 0.2 percent against the single currency compared to the New York close to trade at 1.2458 by 0726 GMT.Data ...
LONDON: The dollar was near a six-week high against the euro and a 4-1/2 year peak against the yen on Thursday on prospects for more monetary easing in the euro zone and scaled back asset buying in the United States.Final euro zone inflation data for April due at 0900 GMT is expected to be weak, reinforcing expectations the European Central Bank could cut interest rates, with the potential for it to opt for a negative ...
MEXICO CITY: Latin American currencies lost steam on Wednesday as disappointing economic data out of Europe and the United States dulled investor enthusiasm for higher-risk assets.The Brazilian real and the Mexican peso both edged lower as data showed the euro zone economy contracted for a sixth straight quarter while France slid into recession.In the United States, where signs of recovery have fueled expectations that the Federal Reserve may wind down its asset purchase program by ...More Articles...
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