12112016Sun
Last update: Sun, 11 Dec 2016 06pm

Europe

Markets - FXMM - Europe

Budget drives sterling higher vs struggling euro LONDON: Sterling surged to a 10-week high against the euro and resisted the dramatic falls against the dollar suffered by other major currencies after a UK budget read as doing more than had been expected to bolster growth in years to come. At the heart of the sterling rally was a rocketing of long-dated gilt yields after finance minister Philip Hammond ramped up his forecasts for government borrowing to the tune of an extra 122 billion pounds ($151 bln) over the next five years. That drove the pound almost 1 percent higher to 84.83 pence per euro, its strongest since mid-September. At $1.2426 it was marginally higher against a dollar that gained 1.5 percent against the yen and almost 1 percent against the euro and a raft of other emerging and developed world currencies. "Had this been an austere budget the pound would have sold off pretty sharply but that ...

Markets - FXMM - Europe

Trumped-up dollar steadies, offshore yuan hits record low LONDON: The dollar steadied near a recent peak on Wednesday, taking a breather ahead of the US Thanksgiving holiday after surging on expectations that a Donald Trump administration will boost growth and inflation, pushing up US interest rates. The dollar index - which tracks the greenback against six major currencies - has climbed over 3 percent since Trump's victory two weeks ago, but has edged slightly lower this week after reaching its highest levels since ...

Markets - FXMM - Europe

Offshore yuan hits new record low in volatile trade LONDON: China's offshore yuan hit a record low above 6.94 per dollar on Wednesday as traders in Europe and North America grappled with a strengthening dollar and signs of accelerating capital outflows from the Asian state in the wake of Trump's US election win.The offshore yuan fell almost half a percent to 6.9441 per dollar as US currency dealers arrived at their desks, with the currency on track for its heaviest monthly falls in 15 ...

Markets - FXMM - Europe

Sterling inches lower before budget statement LONDON: Sterling dipped by a quarter of a percent against the dollar and was marginally weaker against the euro on Wednesday ahead of a government budget statement expected to deliver only marginal additional support for an economy facing more Brexit-based volatility next year. The pound jumped above $1.25 on Monday after Prime Minister Theresa May pledged to address business concerns that Britain could fall off a "cliff edge" into uncertainty when it leaves the European ...

Markets - FXMM - Europe

Sterling slips in volatile price action LONDON: Sterling fell back to around $1.24 on Tuesday, with illiquid trading conditions helping the pound reverse around half of a 1 percent rise the previous day on the view that Brexit will be slower - and softer - than had been feared. The pound jumped above $1.25 on Monday after Prime Minister Theresa May pledged to address business concerns that Britain could fall off a "cliff edge" into uncertainty when it leaves the European ...

Markets - FXMM - Europe

Metals rally helps knock dollar off 13 1/2-year high LONDON: The dollar retreated from a six-month peak against the yen on Tuesday, while a push higher for copper and iron ore prices drove commodities-linked currencies higher, led by the Australian dollar. Two bullish weeks for the dollar since the election of Donald Trump looked to be subsiding before the Thanksgiving holiday, and traders said the widening of an oil rally to other commodities was encouraging a squeeze on pro-dollar positions. "If we're going to ...

Markets - FXMM - Europe

Euro climbs as political uncertainty seen easing a touch LONDON: The euro rose from an 11-month low against a broadly weaker dollar on Monday with political developments seen easing uncertainty surrounding next year's German and French elections, lending some support to the currency. Although German Chancellor Angela Merkel's announcement on Sunday that she would seek a fourth term in office did not come as a surprise, it was regarded by strategists as positive for the euro.Merkel is seen as a defender of liberal democracy ...