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Last update: Sun, 31 Jul 2016 03am

Europe

Markets - FXMM - Europe

Yen gains on safe-haven demand, bets that Fed will not raise rates LONDON: The yen climbed against the dollar on Friday, boosted by the uncertain risk environment left by Britain's shock vote to leave the European Union as well as the view that the US Federal Reserve will now hold off from raising interest rates. The safe-haven yen had gained 4 percent against the dollar last Friday as the results of Britain's referendum on EU membership became clear, but in the following days it gave back more than 1 percent as risk appetite made a modest comeback.Although a hint from the Bank of England on Thursday that interest rates would be cut in the coming months gave risk appetite a further boost, it also strengthened the view that the Fed would not now be able to raise rates in the coming months, and even left open the possibility of a US rate cut.Markets are now pricing in a 7 percent chance of ...

Markets - FXMM - Europe

Sterling steadies after two-day rebound LONDON: Sterling steadied against the dollar on Thursday after a two-day rebound, as investors waited for new developments on Britain's decision to leave the European Union. The pound had plunged almost 8 percent last Friday, the steepest daily decline in the post-1973 floating-exchange-rate era, after the result of Britain's referendum on EU membership stunned markets. Those losses continued into Monday, with sterling shedding another 3 percent and markets firmly in risk-off mode. But as risk ...

Markets - FXMM - Europe

Yuan touches six-month low, sterling steadies LONDON: China's yuan hit its weakest level in six months against the dollar in offshore markets on Thursday, hurt by signs from policy sources that Beijing may be willing to see it fall to 6.80 per dollar.Government economists and advisers involved in regular policy discussions told Reuters the People's Bank of China was willing to let the currency depreciate by as much as last year's record decline of around 5 percent.That knocked offshore rates for ...

Markets - FXMM - Europe

Sterling rises for third day after post-referendum plunge LONDON: Sterling climbed for a third day on Thursday, but traded in tight ranges as investors waited for new developments on Britain's decision to leave the European Union which sent the currency to a 31-year low. The pound plunged almost 8 percent last Friday, the steepest daily decline in the post-1973 floating-exchange-rate era, after the result of Britain's referendum on EU membership stunned markets. Those losses continued into Monday, with sterling shedding another 3 percent ...

Markets - FXMM - Europe

Naira float makes Nigeria stocks interesting again LONDON: Nigeria's stock market is becoming the most interesting one on the African continent to foreign investors after the country devalued its currency, emerging market veteran investor Mark Mobius said on Wednesday. Earlier in June, Africa's biggest economy finally ditched its 16-month old currency peg to the dollar that had throttled foreign exchange markets, led to widespread capital flight and caused its first quarterly economic contraction since the 1990s in a move widely welcomed by ...

Markets - FXMM - Europe

Commodity currencies climb as markets regain some risk appetite LONDON: Commodity currencies such as the Australian and New Zealand dollar spiked higher on Wednesday, as markets regained some appetite for risk after Britain's shock vote last week to leave the European Union sent investors in search of safety.Riskier currencies had slid along with sterling and the euro in the wake of the Brexit referendum, while the safe-haven yen surged, and volatility persisted into Monday. But as equities and oil prices recovered, traders made less ...

Markets - FXMM - Europe

Rouble edges lower after losing support from monthly taxes MOSCOW: The Russian rouble traded lower on Wednesday, with the loss of support from monthly taxes outweighing higher oil prices and easing worries over the possible consequences of Britain leaving the European Union. At 0740 GMT, the rouble was 0.4 percent weaker against the dollar at 64.32 and had lost 0.5 percent to trade at 71.33 versus the euro.Brent crude oil, a global benchmark for Russia's main export, was up 1.1 percent at $49 a ...