07012016Fri
Last update: Fri, 01 Jul 2016 12am

Europe

Markets - FXMM - Europe

Ruble rocks up to seven-month high MOSCOW: Russia's ruble hit a seven-month high Thursday on the back of rising oil prices, bolstering calls for the central bank to cut its main interest rate at a meeting Friday.The ruble strengthened to around 63.40 against the dollar -- its best since November -- and 72.27 to the euro before weakening back slightly.The recovery comes as the price of oil -- a major source of income for Russia's energy-dependant economy -- has nearly doubled since hitting its lowest point in over a decade at the start of the year. The rise in oil prices and the strengthening of the ruble by about a quarter since January will fuel calls from many in government for the central bank to cut its main interest rate for the first time since last summer to breathe some life into Russia's recession-hit economy. The bank has cited inflation pressures as it has held the ...

Markets - FXMM - Europe

Crisis-era red flag from dollar FX market flies high again LONDON: A shortage of dollars and high demand for the currency globally are stretching certain dollar-based rates to levels more associated with periods of extreme market stress, raising a red flag for the wider financial system. Record-low investment returns are forcing investors in the euro zone and Japan to buy US bonds, which is having the negative and potentially costly effect of depressing US yields and the profitability of the country's banks. On the surface, ...

Markets - FXMM - Europe

Yen, dollar gain on safe haven plays LONDON: A grim mood on global financial markets sent investors searching for the traditional security of the dollar and yen on Thursday, driving both higher against a euro weakened by the prospect of prolonged low inflation and negative interest rates. A 1.5 percent surge for the New Zealand dollar after interest rates there were kept on hold had been by far the biggest move on major currency markets in Asian trading and early in Europe's ...

Markets - FXMM - Europe

Swiss franc hits seven-week high on safe-haven flows LONDON: The Swiss franc hit a seven-week high against the euro on Thursday, as investors flocked towards safe havens on worries that Britain will vote to leave the European Union at a referendum in two weeks' time. Though odds offered by betting websites and bookmakers point towards a vote for Britain to remain in the EU, polls have not offered a clear picture of what the outcome of the June 23 ballot might be. Investors ...

Markets - FXMM - Europe

Sterling slips on subdued risk appetite LONDON: Sterling slipped on Thursday as investors ditched riskier assets in favour of safe havens such as the yen, concerned that Britain will vote to leave the European Union at a referendum in just two weeks' time.Worries over a possible Brexit have dominated since late last year, driving a more than 10 percent fall on a trade-weighted basis between mid-November and mid-April.While it has recovered from April's lows, up 3 percent in the past two ...

Markets - FXMM - Europe

Waning Fed rate hike expectations push dollar index to 5-week lows LONDON: The dollar underperformed on Wednesday, hitting a five-week trough against a basket of currencies, hurt by waning expectations that the Federal Reserve will raise interest rates anytime soon. The dollar index, which tracks the greenback against a basket of six rivals, edged down 0.15 percent to 93.694 after dropping as low as 93.68, its lowest since May 6.Against its Japanese counterpart, the dollar fell 0.3 percent to 107.06 yen, after hitting a low of ...

Markets - FXMM - Europe

Sterling rises after UK industrial output beats expectations LONDON: Sterling jumped to Wednesday's high after data showed industrial output in Britain grew at its fastest pace in nearly four years in April, beating forecasts and wrong-footing investors who had positioned for a weak number.Industrial output rose 2.0 percent in April after a 0.3 percent rise in March, the biggest month-on-month increase since July 2012, the Office for National Statistics said. Economists polled by Reuters had expected it to stagnate on the month.Manufacturing output ...