| Yen Won't Be Focus of G-7, Drops Most Against Dollar in a Month
Feb. 7 (Bloomberg) -- The yen dropped the most against the dollar in almost a month after a Japanese finance ministry official said foreign-exchange won't be a focus at this weekend's Group of Seven meeting, suggesting the government will spurn European calls to encourage a stronger currency. Japan's yen also posted the biggest one-day loss since December against the euro after the official, who spoke in Tokyo on condition of anonymity, said the G-7 probably won't have a ``big'' debate about currencies when they meet in Essen, Germany, on Feb. 9-10. U.S. Treasury Secretary Henry Paulson yesterday signaled he doesn't share European officials' concern over the Japanese exchange rate. ``There is no broad consensus,'' said Christian Dupont, a senior currency trader at Societe Generale SA in Montreal.
FOREX: Ringgit Little Changed Against US Dollar In Early Trade
KUALA LUMPUR, Jan 24 (Bernama) -- The ringgit was little changed against the U.S dollar and mixed versus major currencies in early trade today as traders continued to buy the greenback in commercial demand, dealers said. At 9.47 am, the local currency was traded at 3.5005/5035 compared with Tuesday's closing of 3.5005/5025. Dealers said there was speculation on intervention by the authorities which kept the ringgit just above 3.50 due to continuous influx of offshore money into the local equity market. They also said that market players were partly sidelined due the upcoming Monetary Policy Committee meeting by BNM on Friday which would likely to see Bank Negara retaining the Overnight Policy Rate (OPR) at the current level of 3.5 percent. As for other currencies, the ringgit depreciated against the Singapore dollar at 2.2773/2803 from 2.2762/2789 at yesterday's closing while it increased against the yen at 2.8742/8779 from 2.8801/8825 previously.
Sterling Draws Renewed Support From Manufacturing Data
LONDON -(Dow Jones)- Sterling has recovered some of the losses it made earlier this week after strong U.K. manufacturing data provided a boost. The currency has swung around 40 points higher against the dollar, reaching $1.9670 by 1230 GMT, and the euro-sterling rate has dropped by around 20 points to GBP0.6613. This modest climb helped the pound to recover from the market's general concerns about currencies linked to high interest rates - a theme which preoccupied some traders Wednesday. In trading against the euro, purchasing managers index data were particularly supportive. U.K. PMI data for January showed the first rise since September, while similar euro-zone data hit an 11-month low. "The divergence in the growth data suggests that we could see the U.K.-euro area rate spread start to widen again," said currency strategists at JP Morgan in a note to cloents.
Mixed Trading Seen In Asia; Exporters Drag Nikkei Down While BHP ...
(RTTNews) - Mixed trading is being witnessed among the major stock markets in Asian region on Wednesday. While stocks in Australia advance led by BHP, which reported a 41% rise in net profit for first half, stocks in Japan are trading in the negative territory led by exporters on concerns strengthening local currency, Yen, against the US dollar might dent into value of overseas sales and profit margins. Steel stocks in Japan were also trading in the negative territory after Goldman Sachs revised the ratings for two major steel companies in Japan, stating that their share prices are overvalued in comparison to earnings expectations. New Zealand's share market soars after Telecom, the largest telephone company in the country, raised its earnings outlook for full year. The markets in South Korea, Malaysia, Indonesia and Taiwan are trading in the negative territory, while markets in China, Hongkong and Singapore are trading in the positive territory.
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