08282016Sun
Last update: Sun, 28 Aug 2016 05pm

Europe

Markets - FXMM - Europe

Australian dollar skids to 6-year low after RBA shock LONDON: The Australian and New Zealand dollars weakened further in early trade in Europe on Tuesday after a sell-off following the Reserve Bank of Australia's surprise decision to cut interest rates.The outlook for both Antipodean currencies has worsened in recent weeks with concerns about growth generating expectations of generally looser monetary policy, but the RBA's decision still came as a shock to many.Another burst lower as Europe came on line brought the Aussie's losses on the day to more than 2 percent. It hit an almost 6-year low of $0.7635 while the kiwi fell 1.5 percent to $0.7185, its lowest since early 2011."Its a big move and I think any bounce should be sold into," said Graham Davidson, a spot trader with National Australia Bank in London."Generally when the RBA move, they tend to cut a handful of times. The feeling is of an economy where there is no source ...

Markets - FXMM - Europe

Sterling stays weak despite better construction data LONDON: Sterling stayed near an 18-month low on Tuesday, with a stronger-than-expected survey of Britain's construction sector doing little to change the expectation that interest rates will stay near zero until well into 2016.The monthly construction purchasing managers' index (PMI) rose to 59.1 from December's 17-month low of 57.6, topping all forecasts in a Reuters poll and far above the 50 mark that signifies growth.Optimism about the next year increased for the first time in ...

Markets - FXMM - Europe

Oil bounce boosts Russia, Gulf; lira rises after inflation data LONDON: Turkey's lira firmed on Tuesday after above-forecast inflation appeared to rule out an emergency interest rate cut, while Russian and Gulf assets drew support from rallying oil prices.The lira rose 0.45 percent against the dollar, after wilting to record lows in recent days on fears the central bank was coming under rising pressure from President Tayyip Erdogan to cut interest rates.Expectations of an extraordinary central bank meeting on Wednesday were quashed by January data ...

Markets - FXMM - Europe

Sterling slides after data fail to lift mood LONDON: Sterling fell against the dollar and euro on Monday after reports showed British manufacturing grew more than expected in January and factories cut prices as the cost of oil plunged. The pound has struggled this year amid concern UK economic growth is slowing and political risk from elections in May, which may undermine effort to deal with a twin-deficit problem.A monthly index of sentiment among manufacturing purchasing managers rose to 53.0 from 52.7 in ...

Markets - FXMM - Europe

Swiss franc drops to 2-week low on talk of SNB hand, informal band LONDON: The Swiss franc hit a two-week low against the euro and the dollar on Monday, on talk that the Swiss National Bank was intervening to weaken the currency and on a report that it was targeting a new informal band.A Swiss newspaper, Schweiz am Sonntag, reported on Sunday that the SNB is unofficially targeting an exchange rate of 1.05-1.10 francs per euro, citing sources close to the bank. A spokesman for the central bank ...

Markets - FXMM - Europe

Rouble retreats after rate cut and new oil price drop LONDON: Russia's rouble retreated on Monday, depressed by the central bank's unexpected decision on Friday to cut rates, a sharp reversal in oil prices and renewed violence in Ukraine.The rouble was 1.5 percent weaker against the dollar, while Russian stocks also dropped, with the local currency MICEX index falling close to 1 percent.Rouble volatility -- a measure of expected swings in a currency -- is on the rise again following the rate cut, having previously ...

Markets - FXMM - Europe

Sterling stumbles as better manufacturing data fails to lift mood LONDON: Sterling fell against the dollar and euro on Monday after mixed data that showed British manufacturing grew slightly more than expected in January but that factories had cut prices as the cost of oil plunged.A monthly index of sentiment among manufacturing purchasing managers (PMI) rose to 53.0 from 52.7 in December, boosted by export orders. That was comfortably above the 50 level that signals growth and beat a consensus forecast of 52.6.The figures suggest ...