12032016Sat
Last update: Sat, 03 Dec 2016 03am

Europe

Markets - FXMM - Europe

Strong crown leads Iceland's central bank to lower inflation forecast COPENHAGEN: Iceland's central bank on Wednesday cut its inflation forecast until the middle of next year, following a sharp appreciation of the country's currency. The bank on Wednesday also left its key interest rate unchanged, and it suggested further gains by the crown might prompt it to lower interest rates. According to the bank's new forecast, inflation is likely to remain below a 2.5 percent target until mid-2017. It will then hold between 2.5 and 3 percent for the remainder of the forecast horizon, which extends to the end of the decade. The bank had signaled optimism over the country's inflation target in August, when it cut the seven-day term deposit interest rate by 50 basis points to 5.25 percent.In an interview, central bank Governor Mar Gudmundsson said if no major upsets occurred in the labour market and economic policies remain aligned with monetary policy, "there might be a possibility ...

Markets - FXMM - Europe

Brexit-hit sterling gets no boost from UK jobs data LONDON: Sterling traded flat against the dollar on Wednesday, barely reacting to data showing Britain's jobless rate had fallen to the lowest level in 11 years, with investors focusing instead on the risks surrounding Brexit.The latest figures showed Britain's unemployment rate fell in the first three months after the Brexit vote to 4.8 percent, but there were some signs that a slowdown in the labour market could be coming.Politics have dominated on currency markets in ...

Markets - FXMM - Europe

GLOBAL MARKETS-Dollar, copper retreat, bonds in favour as Trump rally pauses LONDON: The dollar pulled back from close to 14-year highs on Tuesday, euro zone government bond yields fell and the price of copper tumbled as traders cashed in gains from a rally fuelled by Donald Trump's shock victory in the US presidential election. China's yuan, which like other Asian currencies has taken a hit since the election, fell to its weakest level against the dollar in almost eight years. Wall Street looked set to open ...

Markets - FXMM - Europe

Dollar dips after soaring to 11-month highs LONDON: The dollar slipped from an 11-month high against a basket of major currencies on Tuesday, pausing for breath after rallying almost 3 percent since Donald Trump won the U.S. presidential election.Trump's shock victory has fuelled expectations of higher U.S. growth, but his plans for heavy fiscal spending and trade protectionism are also seen as likely to fuel inflation. The dollar has had its best week in a year, while 10-year U.S. bond yields have ...

Markets - FXMM - Europe

Sterling hammered again after Brexit memo leak LONDON: Sterling sank by more than 1 percent against the euro on Tuesday, handing back much of three days of solid gains as media reports refocused traders' attention on the political risks associated with Britain's departure from the European Union.According to a leaked memo, Britain has no overall plan for Brexit and its strategy for leaving the bloc may take six months to agree due to divisions in Prime Minister Theresa May's government. May's office ...

Markets - FXMM - Europe

Dollar surges to 11-month high as bond rout persists LONDON: The dollar surged to an 11-month high against a basket of major currencies on Monday, resuming an upward track driven by US bond yields and expectations for higher inflation after Donald Trump's US election victory. China's yuan lost another third of a percent to fall to its weakest since before the launch of its offshore market in 2010, while the yen and the euro both sank by about another full percentage point to multi-month ...

Markets - FXMM - Europe

Sterling slips back below $1.25 as dollar rallies LONDON: Sterling fell around 1 percent against the dollar on Monday, as the greenback followed U.S. bond yields sharply higher across the board on expectations of a spike in inflation following Donald Trump's U.S. presidential election victory.The pound has just recorded its best fortnightly performance on a trade-weighted basis in eight years, with investors' focus having turned away from Brexit and towards political risks elsewhere.Italy has a constitutional referendum next month, French and German national ...