Reserves
CME brings futures to CLS
CHICAGO – The Chicago Mercantile Exchange (CME) has become the first exchange to use the continuous linked settlement (CLS) service, extending use of CLS into a new market.
Dollar still top currency for central banks
LONDON – Market speculation that central banks began rebalancing their reserves away from the dollar last year was misled, according to the Bank for International Settlements’ (BIS) annual report released last week.
Bank of Japan intervention set to continue
TOKYO – Japanese authorities spent over $20 billion in the forex markets in Q1 this year, in an effort to ease the yen’s strength against the dollar and the euro.
Market rounds on dollar as US doubts gather
NEW YORK -- The dollar sagged to a four-year low against the euro last week, and fell across the board.
Dollar consolidation brings FX manager joy
STAMFORD, CT -- A temporary halt in the US dollar’s downtrend helped 60% of currency managers on the Parker FX Index maintain positive returns in February. But returns were limited -- the index was up just 0.16% for the month.
Bush war stance sinks dollar
NEW YORK -- The US dollar slid to a four-year low against the euro last week, as US president George Bush’s stance over Iraq continued to harden.
Rand reverses 2001 downtrend
JOHANNESBURG -- Interest rate yields, gold prices and a budget announcement powered the South African rand to a 20-month high against the dollar last week.
Market static as uncertainty rules
LONDON -- There was little action in G3 FX last week, as the geopolitical stand-off over Iraq extended to the markets.
RBA unwinds Australian dollar holding
SYDNEY -- The Reserve Bank of Australia took profits on its Australian dollar holdings earlier this year, selling nearly A$500 million, according to the bank’s February bulletin.
Blix report boosts dollar
NEW YORK -- The US dollar rallied slightly in the wake of United Nations chief weapons inspector Hans Blix’s report on Iraq late last Friday.
Analysts mull Iraq FX fallout
LONDON -- With geopolitical tensions continuing to dominate FX markets, analysts are now looking beyond any potential conflict at the possible fallout and its impact on currencies.
Intervention risk looms
LONDON -- As the US prepares to invade Iraq, FX dealers could soon be facing their own battle against central banks.
Dollar routed again as war looms
NEW YORK -- The dollar was roundly routed last week as tensions between the US and Iraq were ratcheted up a notch.
Global tensions force euro higher
LONDON -- The euro hit a three-year high against the dollar late last week on heightening risk aversion among investors as global political tensions mounted.
Greenback recovery continues apace
The US dollar has brushed aside negative sentiment but this week’s data releases will be pivotal for the currency, says Shahab Jalinoos, currency strategist at UBS Warburg
Rate cut turns market anti-dollar
NEW YORK -- The US dollar hit three-month lows against several major currencies last week, triggering a welcome return of volatility to the markets after months of range trading.
China FX emergence continues
BEIJING -- The liberalisation and development of China’s FX market is continuing, presenting banks with a potentially lucrative new market.