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Yuan firms slightly, straining at central bank SHANGHAI: The yuan firmed slightly against the dollar on Thursday, advancing as far as the official daily trading range allowed, with the central bank again restraining pressures for the yuan to strengthen more.   Standing at 6.2289 yuan to the dollar, the Chinese currency had strengthened from Wednesday's close of 6.2302.   The People Bank of China (PBOC) made sure the yuan could not go any further by setting a weaker daily trading range than Wednesday, by fixing the mid-point at 6.2918 yuan per dollar, 10 pips weaker than Wednesday's 6.2908.   "The authorities apparently don't want see the yuan rising too much," said a trader at a Chinese commercial bank in Shanghai.   "The PBOC appears to believe that the yuan has roughly reached its fair value, and it appears that it doesn't want to buy too many dollars to support the US currency."   Traders suspected covert intervention on Wednesay, when dollar buying by major state-owned banks dampened ...

Pound rises after BoE minutes, but gains limited  LONDON: Sterling rose to a near two-week high against the dollar on Wednesday, helped by Bank of England minutes suggesting more monetary easing was unlikely next month.   The minutes revealed only one vote at this month's policy meeting for more quantitative easing, giving the pound a small boost because some in the market had seen a risk of more support for QE, which is normally see as cheapening a currency by increasing its supply.   But analysts said ...
Gilts rise as uncertainty over Greece lingers, eye BoE minutes  LONDON: British gilts rose in early trade on Wednesday after euro zone finance ministers failed to reach an agreement overnight on releasing another aid tranche for Greece, dampening appetite for riskier assets.   Greece's international lenders failed to agree on how to get the country's debt down to a sustainable level. Eurogroup Chairman Jean-Claude Juncker said the delay was caused by "technical reasons" and other officials said a deal was close.   "With market sentiment generally positive in the ...
Euro rises to 6-1/2 month high against yen  LONDON: The euro extended gains against the Japanese yen on Wednesday to hit a 6-1/2 month high on speculation of more monetary easing in Japan and as politicians stepped up efforts to find a solution to the debt crisis in Greece.   The euro rose to 105.235 yen, its highest level since early May. Traders cited an option barrier at 105.50 yen. The euro's gains against the yen helped it to pare losses against the dollar. It ...
Euro steady as Greece optimism offsets France downgrade  LONDON: The euro held steady against the dollar on Tuesday as cautious optimism that euro zone ministers would release funds to debt-ridden Greece offset a cut in France's credit rating.   Finance ministers meet later in the day to discuss unlocking delayed aid payments to Greece, a day after Athens passed laws to enforce budget targets and appease foreign lenders.   Signs that Greece seemed to be on track to receive the funding supported demand for the euro, which ...
Swedish crown to be stronger than in earlier downturns-finmin  STOCKHOLM: Sweden's crown currency is likely to be higher in the current economic downturn than in past activity dips, Finance Minister Anders Borg said on Tuesday.   Speaking at a seminar on the economy, he said central bank worries over high levels of household debt were restraining monetary policy and that wider economic fundamentals were better than elsewhere.   This meant the crown would be "stronger" compared with earlier situations with the same economic conditions.   He also backed tightening up ...
Swiss franc tracks euro lower on France rating cut  ZURICH: The Swiss franc weakened against the dollar on Tuesday, giving up some of Monday's gains as it tracked the euro lower after Moody's cut France's sovereign credit rating, though hopes of approval for a Greek aid package capped losses.   The franc has been shadowing the euro closely since the Swiss National Bank imposed a 1.20 per euro cap more than a year ago after a strong run up in the Swiss currency threatened to tip ...


Index Closing Chg%
Arrow DJIA 17,086.63 0.16
Arrow Nasdaq 4,473.70 0.40
Arrow S&P 1,987.01 0.18
Arrow FTSE 6,798.15 0.04
Arrow DAX 9,753.56 0.20
Arrow CAC-40 4,376.32 0.16
Arrow Nikkei 15,328.56 0.10
Arrow H.Seng 23,971.87 0.80
Arrow Sensex 26,147.33 0.47

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WeeklyJuly 10, 2014
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