LONDON, May 22- The dollar edged lower on Friday but remained on course for its first week of gains against the euro and a basket of major currencies since the start of April ahead of inflation numbers later in the day. Dealers said there might be little appetite for another big move ahead of UK and US public holidays on Monday. The yen was up around a quarter of a...» Read More
The Japanese central bank was placed in the hands of a temporary governor when Toshihiko Fukui retires in a few hours, after the latest candidate to replace him was rejected by the upper house of parliament.
The dollar posted gains against the yen and the euro on Tuesday after the Federal Reserve slashed benchmark interest rates by 75 basis points.
The Japanese government put forward on Tuesday a former top finance ministry bureaucrat as its second nominee to become central bank governor, but a senior opposition lawmaker warned the surprise choice was likely to be vetoed.
The dollar tumbled to a 12-1/2 year low against the Japanese yen on Monday and record levels against the euro and the Swiss franc as emergency liquidity-boosting measures by the Federal Reserve over the weekend failed to ease worries about the U.S. financial sector.
For the week ending Friday, March 14, 2008 the US Markets ended mixed. Market moving events include the Fed's $200B expansion of its securities lending program and the Bear Stearns bailout, amongst others leading to extreme market volatility. The Dow gained 417 points on Tuesday, only to lose the majority of its gains to close up only 0.48% for the week. The VIX crossed 30 for the first time since January. Next week, the markets will watch for the the FOMC announcement on interest rates Tuesday, the Visa IPO on Wednesday, and a slew of brokerage earnings including Goldman Sachs, Lehman Brothers, Morgan Stanley and possibly Bear Stearns.
The Japanese yen has been breaking new ground lately. What's it mean for you and your money?
The dollar fell below 100 yen for the second straight day and hit a record low against the euro after Bear Stearns said a worsening cash position had forced the Wall Street firm to secure emergency financing.
The dollar plunged below 100 yen Thursday for the first time in more than a decade and hit a record low against the euro as worries deepened on Wall Street that the United States had entered a recession.
The dollar tumbled to a record low against the euro Wednesday as doubts grew about the long-term impact of recent Federal Reserve efforts to pump money into cash-starved credit markets.
The dollar rose sharply Tuesday after the Federal Reserve announced new measures to inject liquidity into the financial system, easing concern about a deepening credit crisis and a U.S. recession.
The U.S. dollar continues its downward slide against major currencies including the yen. The dollar hovered near an eight-year low against the yen Tuesday, as fresh signs of deterioration in credit markets hurt global shares and sparked unwinding of carry trades.
The yen has surged to an eight-year high against the U.S. dollar as the greenback takes a hit from expectations for aggressive Fed interest rate cuts to counter the economy's fall towards a recession. This week's Charting Asia takes a look at the dollar/yen trend.
The dollar tumbled against the yen Monday as fears of a U.S. recession hit stock prices but steadied versus the euro after Europe's top monetary official said he was worried about recent exchange rate moves.
The dollar rebounded from record lows triggered by a surprise contraction in U.S. payrolls for a second straight month as attention shifted to moves by the Federal Reserve to ease tight liquidity conditions.
By many measures, confidence in the dollar has never been lower, and some fear more Federal Reserve interest rate cuts will make matters worse by swelling inflation and undermining long-term U.S. economic health.
The dollar extended losses against the euro and the yen Thursday after U.S. pending home sales were unchanged in January, doing little to allay investor worries over the deteriorating U.S. economic outlook.
The European Central Bank's surplus fell to 286 million euros ($439 million) last year from 1.37 billion euros in 2006, because of the euro's strength, the bank said on Thursday.
The dollar hit a fresh record low against the euro and a basket of currencies Wednesday, on renewed concerns about the health of the U.S. economy.
The foreign exchange maneuver known as the carry trade looks set to continue unwinding, with bearish investors scared of risks. But buying opportunities might emerge from the trend, analysts told CNBC on Wednesday.