| Yen Drops Most in a Month as G-7 Focus Expectations Decline
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 - Dollar mixed in Sydney morning trade, firmer yen seen ...
SYDNEY (XFN-ASIA) - The dollar was mixed in morning trade here, gaining against the yen but softer against the euro, although traders expect the current trend of a firmer yen and weaker euro continuing for at least the remainder of this week, dealers said. They said the yen is expected to continue firming this week ahead of the G7 finance ministers meeting starting Friday, which is expected to call for a stronger yen. The euro remains sluggish, particularly against the yen, on reduced expectations for a sequence of European Central Bank interest rate hikes in 2007, dealers said. At 10.00 am here (2300 GMT Monday), the dollar was at 121.32 yen, up from 120.33 in late New York trading while the euro was at 1.2931 usd, up from 1.2925 in New York. Dealers said the yen was stronger across all major currencies overnight as traders continued to reduce their large net short positions in the currency which hit a record last Tuesday.
MG Financial adds Dow Jones FX market data stream to DealStation
(ASSODIGITALE.IT) Dow Jones & Company (NYSE: DJ) today announced an agreement with MG Financial Group, a leader in retail foreign exchange, to include streaming currency news from Dow Jones Newswires, the trusted source of real-time news and information for financial professionals, into MG's DealStation Forex trading platform. DealStation is designed for individual investors, providing them with a suite of tools, rates, data and charting for trading currencies. Now, DealStation customers can access real-time, streaming news from Dow Jones directly from their trading platforms. The custom package of Dow Jones news and information includes: DJ Market Talk - Forex commentary from around the globe Forex Roundups - U.S., Europe, Asia and Latin America Exclusive Dow Jones commentary and columns Forex View - Analysis of trading and trends Forex Focus - Outlook on U.S., European, and Asian currencies "Our customers' interests are always our top priorities," said Marla Miller, chief operating officer at MG Financial Group.
Pitfalls for the world’s biggest debtor
But being the world's biggest debtor domestically and internationally is not a stable situation; the cracks are appearing faster than the Federal Reserve can paper over them. If even half of these dollars came home to roost the US economy would collapse. If I were a politician genuinely concerned about the physical safety and economic welfare of the people I represented, I would be discreetly making plans and hedging my bets, perhaps taking a leaf out of Norway's book - keeping your own currency, balancing your internal and external budget and looking after your own. There may be a time for an independent Scotland to join Euroland but I'd let the dust settle first. Already, 25% of all reserves have moved into euros. If the big boys and the unionist wannabes want to play in the dog-eat-dog global league let them get on with it - there's a much better game in town.
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