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Last update: Tue, 03 May 2016 11am

Markets - FXMM

Markets - FXMM - Middle East & Africa

Egypt pound stable at central bank sale but falls on black market CAIRO: Egypt's pound was stable at Tuesday's weekly foreign currency sale, but extended declines on the black market to a record low of around 11 to the dollar as the import-dependent country struggles with a foreign exchange shortage.Egypt's central bank sold $120 million at its regular rate of 8.78 to the dollar at Tuesday's sale, but the widening gap with the black market rate is increasing pressure on the central bank to devalue for the second time in as many months.Egypt has been facing a dollar shortage since the 2011 uprising drove away tourists and foreign investors, major sources of hard currency, putting pressure on the pound.In an attempt to close the gap between official and black market rates, the central bank devalued to 8.85 per dollar from 7.7301 last month, while announcing a more flexible exchange rate policy. It later strengthened the pound to 8.78 per dollar, where it ...


Markets - FXMM - Asia

Sri Lanka 5-day rupee forwards edge down on importer dollar demand COLOMBO: Sri Lankan five-day rupee forwards dropped lower Tuesday on importer dollar demand even as a state-run bank prevented further falls in the currency by selling the greenback, dealers said.The forwards, which are known as spot next and act as a proxy for the spot currency, ended at 146.50/60 per dollar, compared with Monday's close of 145.85/146.00."Demand (for dollars) is there. A state bank sold dollars from 146.20 to 145.70," said a currency dealer requesting ...

Markets - FXMM - Asia

Commodity-linked currencies surge on more confident mood TOKYO: Commodity-linked currencies surged on Tuesday as market sentiment improved after disappointment over failed oil talks gave way to hope for the global economy.The more buoyant mood provided strong support to higher-yielding, riskier units, pushing the Australian dollar to around its highest level in 10 months against its US counterpart."The risk environment has turned positive," Sim Moh Siong, a foreign-exchange strategist at Bank of Singapore, told Bloomberg News."This is why commodity currencies have outperformed with ...

Markets - FXMM - Middle East & Africa

South Africa's rand recovers, stocks rise as EM's back in favour JOHANNESBURG: South Africa's rand inched firmer and stocks rose late on Monday as the shock that global oil producers had not decided on an output freeze waned, handing emerging market assets a reprieve.By 1545 GMT the rand had gained 0.45 percent to 14.4950 per dollar, reversing earlier losses that saw the unit slide to a session low of 14.7500."Commodity markets appear to be stabilising. The market seems to have absorbed news that global oil producers ...

Markets - FXMM - Europe

Sterling net shorts hit 3-year high on Brexit worries LONDON: Speculators increased their short positions on sterling to the highest level in almost three years in the week to last Tuesday, data from the Commodity Futures Trading Commission has shown, on worries over the impact of a Brexit on the currency.Net short sterling contracts rose to 51,310 in the week to April 12, the highest since June 2013, as investors added to their bearish bets on the pound for a fourth straight week.Concerns that ...

Markets - FXMM - Americas

C$ weakens to a 1-week low as oil falls after Doha meeting TORONTO: The Canadian dollar weakened to a one-week low against its US counterpart on Monday as oil prices fell following a producers' meeting in Doha, although some losses were pared as falls for stock markets eased.A dive in oil prices sent stock markets lower after producers failed to agree on a plan to curb global supply. However, falls on European markets eased and Wall Street opened only modestly lower.US crude prices were down 4.34 percent ...

Markets - FXMM - Europe

Sterling makes minor recovery as stocks rise, Brexit fears check gains LONDON: Sterling staged a minor recovery on Monday as world stock markets rose and on increased demand for higher-yielding currencies, including the pound, although uncertainty over the prospect of Britain exiting the European Union checked gains.Traders said a rally in stock markets helped a sterling rebound against the safe-haven yen and the lower-yielding euro.Sterling was up 0.2 percent at $1.4250, having fallen to $1.4132 at the start of the European session, while the euro was ...