Currency in Barcelona
Barcelona is a city in Spain. The currency Barcelona uses is the Euro. There are 7 Euro notes, in denominations of 500, 200, 100, 50, 10 and 5. There are 8 Euro coins in denominations of 2 and 1 Euros and 50, 20, 10, 5, 2 and 1 cents.
The Peseta was converted to the [...]
Mexican Currency Falls On U.S News
The Mexican currency (peso) dropped on concerns that demand for Mexican exports will drop, the fall in the peso came after Federal Reserve Chairman Ben Bernanke announced a deteriorating U.S. economy.
The fall in the Mexican currency wiped out early gains that were fueled by the expectation that the Mexican central bank will maintain its benchmark [...]
Swedish Krona Soars
The Riksbank recently raised interest rates to 4%, against expectations, sending the Swedish krona soaring higher.
The Swedish central bank explained that it has raised the interest rate by 25 basis points to combat rising inflation, adding that there were risks linked to slower economic activity and financial market turbulence.
The bank has kept its options open, [...]
Forex Investors price in 50 basis point cut
Gold has slipped a little lower as market players anticipate the Fed’s upcoming interest rate decision. Yesterday’s rally above $930 USD has no doubt caused some profit taking, with other investors positioning themselves in case the anticipated 50 basis point cut from the Fed does not eventuate. Investors remain uncertain as to how much assistance [...]
Read more »China’s economy to maintain double-digit growth this year
China’s economy will grow by 10.3 percent in the first half of 2006, then slow marginally for a full-year expansion of 10 percent, the central bank said in a new report.
At the same time, inflation will climb slowly, registering 1.3 percent in the first six months of the year and 1.7 percent for the 12 [...]
United Arab Emirates plan to convert 10% of Forex Reserve from Dollars to Euros
The United Arab Emirates central bank has made no decision yet on diversifying its foreign exchange reserves and the current USD ratio is appropriate, the bank’s Governor Sultan Nasser Al Suweidi said yesterday.
However, he told Reuters in an interview that a shift remains the bank’s long-term objective.
“The board is making the decision but it [...]
Dollar (USD) Gain on Euro, GBP, Yen…
The USD drifted higher against major rivals as dealers monitored the outlook for interest rates, while the GBP also weakened on news that a Bank of England policymaker had suddenly died.
The Euro fell to 1.2637 dollars in early European trading from 1.2659 dollars late on Wednesday in New York.
The USD climbed to 115.14 yen from [...]
Swedish Central Bank raises interest rate to keep inflation in check
The Swedish central bank has said it had decided to hike its leading interest rate by 0.25 percentage points, taking the repo rate to 2.25 percent to help keep a lid on inflationary pressures.
The Riksbank’s goal is to hold inflation to less than 2.0 percent. Inflation has risen over the past year and stood at [...]
40 percent of Japanese want central bank chief to quit
Forty percent of Japanese questioned think embattled central bank chief Toshihiko Fukui should resign over a scandal in which he invested in a controversial fund, according to a new poll.
The Bank of Japan governor has admitted keeping an investment in the fund of high-profile investor Yoshiaki Murakami, who was arrested earlier this month on allegations [...]
Tokyo urges Bank of Japan to stick with zero interest rates
Japan’s government has urged the central bank to maintain zero interest rates to allow the economy to recover as fears of a slowdown in US growth battered global stock markets.
“We hope the Bank of Japan will support the economy with its monetary policies,” Chief Cabinet Secretary Shinzo Abe told reporters.
Read more »South Korea raises rates again to dampen inflation
South Korea’s central bank has raised its key interest rate in a bid to head off mounting inflationary pressure amid high oil prices and an ongoing economic expansion.
The Bank of Korea raised the June target for the inter-bank overnight call rate by 0.25 percentage points to 4.25 percent after keeping the rate unchanged for [...]
Russia Shifts Part of Its Forex Reserves from Dollars to Euros
On Thursday, June 8, Russia became the latest in the list of countries that shifted a part of its Central Bank reserves from the USD. Sergei Ignatyev, chairman of the Central Bank, said that only 50 percent of its reserves are now held in dollars, with 40 percent in Euro and the rest in [...]
Read more »NZ Interest Rates Remain Unchanged
New Zealand’s central bank has kept its official interest rate steady at 7.25 percent despite slowing economic growth, citing a worse-than-expected outlook for inflation.
Rising oil prices and a declining New Zealand dollar (NZD) is expected to see inflation rise to 3.9 percent this quarter, Reserve Bank governor Alan Bollard said. Earlier forecasts had seen inflation [...]
Read more »Surprise Interest Rates Rise in Turkey
To the surprise of us and almost everybody in the financial markets, the Central Bank (CB) raised its main policy interest rate by 175 bps to 15%. The average expectation for the rate increase in the market was around 50-75 bps, while we were not expecting anything more than 50bps.
In the accompanying short note, the [...]
Read more »British interest rates should remain at 4.50%.
Bank of England (BoE) policymakers are predicted to maintain British interest rates at 4.50 percent on Thursday for the 10th month in a row.
The decision-making body of the BoE, the Monetary Policy Committee (MPC), will likely freeze the “repo” rate, at which the central bank lends to commercial banks, according to a poll of 35 [...]
