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11:40:12 AM

Tuesday, 22 May 2012

Asia

Euro weaker after boost on Greece hopes

Tuesday, 22 May 2012 11:32

TOKYO: The euro weakened against the dollar and yen in Asian trade on Tuesday, after a cautious rally in New York driven by hopes for a deal on the eurozone crisis at an upcoming European Union summit. The single currency bought $1.2785 and 101.53 yen in Tokyo afternoon trade, lower than $1.2815 and 101.62 yen in New York late Monday. The dollar was changing hands at 79.38 yen against 79.30 yen. There was little new to move the euro although the currency may win a measure of support from hopes European leaders will agree on measures to calm nervous markets at their meeting in Brussels on Wednesday, dealers said. "The fall is not news-driven," a dealer at a Japanese bank told Dow Jones Newswires. The euro was little changed after French Finance Minister Pierre Moscovici said Tuesday that a Greek exit from the eurozone risks causing an "unpredictable" spread of Europe's debt crisis. However, the ...

Yuan edges higher with eyes on global dollar performance

Tuesday, 22 May 2012 10:30

SHANGHAI: The yuan edged higher against the dollar on Tuesday as a firm euro kept banks and their clients cutting some of their yuan short positions, traders said. But as a reflection of continued jitters over a general rally in the dollar index so far this month, traders said dollar demand on the Chinese market remained firm, preventing the yuan from rising sharply. The Chinese currency is expected to trade in a narrow range in the near term, with market participants watching the dollar's performance in global markets. "We see a rough balance of dollar supply and demand in the market for now," said a trader at a state-owned bank in Beijing. "Unless there is another round of a dollar rally in the global market, the yuan is likely to take a breath and move narrowly for a short period of time." Spot yuan was trading at 6.3252 per dollar at midday, up slightly from ...

LME copper gains for third day on EU summit hopes

Tuesday, 22 May 2012 10:29

SHANGHAI: London copper futures touched a one-week high on Tuesday, buoyed just above $7,800 by bargain hunters betting on European and Chinese leaders taking steps to reinvigorate their economies. Uncertainty about the euro zone and the overall global economy are however likely to cap copper's gains. The metal is on track to lose over 7.5 percent this month, sharply cutting its year-to-date gains to around 2 percent from as much as 15 percent in February. Three-month copper on the London Metal Exchange touched a week-high of $7,816 a tonne in the session, before paring gains. It was up 0.6 percent to $7,775 by 0343 GMT. The most-active September copper contract on the Shanghai Futures Exchange edged down 0.1 percent to 55,830 yuan ($8,800) a tonne, after short-covering pushed the contract up to a session high of 56,100 yuan shortly after the open. Investors are hoping to see fresh measures from Wednesday's EU summit, which ...

Indian rupee sinks to new key low of 55 to dollar

Monday, 21 May 2012 17:38

MUMBAI: The Indian rupee sank to a record low for the fourth successive trading day on Monday, hitting the key level of 55 to the dollar. The partially convertible Indian unit fell to the new low in late afternoon trade, below its previous low of 54.91 hit on Friday, as demand for the US currency grew amid global uncertainty. Copyright AFP (Agence France-Presse), 2012 ...

Euro steady in Asian trade after G8 summit

Monday, 21 May 2012 10:52

TOKYO: The euro inched higher in Asia on Monday, after hitting four-month lows against the dollar in New York as traders pushed down the currency on fears that Europe's fiscal troubles are far from over. The euro changed hands at $1.2791 in Tokyo afternoon trade, from $1.2773 in New York late Friday. Earlier Friday, the unit hit a four-month low of $1.2642, underscoring worries over Spain's weakening banking sector and a possible Greek exit from the 17-nation eurozone. On Monday, the euro bought 101.29 yen from 100.94 yen in New York, while the dollar advanced to 79.20 yen from 78.95 yen. The euro was boosted after leaders at a weekend G8 summit in the United States called for Greece to stay in the eurozone as they debated deep divisions about how best to tackle Europe's fiscal woes. The dollar's rise against the yen may be limited with little positive economic data expected, dealers said. Traders are ...

Euro bounces off 4-month low, but remains under pressure

Monday, 21 May 2012 10:22

TOKYO: The euro extended its rebound from last week's four-month low on Monday but investors remained concerned over the financial turmoil in Greece and Spain, drawing little comfort from a broad G8 pledge to take steps to fight the euro zone's debt crisis. The common currency rose on short-covering after speculators piled up a record amount of bets against it, according to data from US financial watchdog released late last week. "We are entering a consolidation phase with regard to the euro. It will not be known for a while whether Greece will stay in the euro or not with Greek election a few weeks away," said Minori Uchida, chief analyst at the Bank of Tokyo-Mitsubishi UFJ. "The market may show some minor reaction to Greek opinion polls... but it is hard to sell the euro in light of already large short positions in the currency," he added. US Commodity Futures Trading Commission said ...

'Free-falling' Indian rupee hits new lows

Friday, 18 May 2012 18:18

MUMBAI: India's central bank promised on Friday to use "all its available tools" to stabilise the rupee, which sank to a record low against the dollar for a third straight day amid turmoil in global markets. The Indian unit fell to 54.91 against the dollar, below its previous low of 54.58 a day earlier, before clawing back to 54.4 in late afternoon trade. Asian shares and currencies fell after Moody's downgraded 16 Spanish banks on Thursday, while poor US manufacturing data heightened concerns over the global economy. The central bank "will use all its available tools to fulfil its objective of curbing volatility in the foreign-exchange market", the bank's deputy governor Subir Gokarn told reporters in the eastern Indian city of Kolkata. "The central bank will not hesitate to take more steps to stem the falls in rupee, if needed," he said. But analysts and traders expect the rupee to fall further in coming days ...

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