Will China raise rates? Will US data guide QE talks? – Next week’s forex questions
The dust of G-20 has settled. World leaders sat around a large table set this time in South Korea, searched for that magic wand in their suit pockets, and then looked at each other’s face with disappointment. They didn’t get one to ‘calm down’ the emerging fears of a ‘world war’ on trade and currencies. They did not ‘direct’ China and/or US as some hoped.
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RBI Raises Interest Rates For 6th Time In 2010
New Delhi, India (AHN) – For the sixth time in 2010, the Reserve Bank of India (RBI) increased the interest rates by another 25 basis points (bps) just to check the inflation rate, which has shown no signs of reduction for the past more than one year.
The repo rate at which the RBI lends to commercial banks was raised to 6.25 percent while the reverse repo rate, at which it pays to banks for deposits, was increased to 5.25 percent. The Cash Reserve Ratio (CRR), which is the amount of money commercial banks need to keep with the Central bank, however, remained unchanged at 6 percent.
The hike in the interest rates is not at all surprising, especially in wake of the fact that India has been the foremost nation in the whole Asian region, to fight back the soaring inflation rates with frequent hikes in the interest rates. Experts believe that it is this approach that has made India one of the few countries to recover so well after the 2008 global economic crisis.
Speaking with regard to the second quarter monetary policy review, RBI Governor Duvvuri Subbarao said, “Based purely on current growth and inflation trends, the Reserve Bank believes that the likelihood of further rate actions in the immediate future is relatively low.”
According to the latest key data in the RBI’s November 2, 2010 review, the annual wholesale price index for September was up by 8.62 percent as compared to 8.5 percent in August. The inflation rate in food, also remained high, despite easing down to 13.75 percent in the middle of the October month.
The apex bank’s policy review also noted that the “growth-inflation outlook” was likely to dominate the policy response.
Allaying public fears with regard to loan facilities to purchase home and car, the RBI said that the cost of such loans would not increase immediately.
Explaining this further, Chairman of the nationalized State Bank of India, O. P. Bhatt said, “The transmission mechanism between RBI and rest of the financial system does not work very fast. It always works with a time lag.”
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Forex Market Indicative Rates for Major Currencies (Opening of Markets) on Nov 03, 2010
Currency Mean Buy Sell Date 1 USD 80.5586 80.4806 80.6367 03.Nov.2010 2 GBP 129.1656 129.0328 129.2984 03.Nov.2010 3 EUR 112.8141 112.6972 112.9309 03.Nov.2010 4 ZAR 11.6580 11.6162 11.6999 03.Nov.2010 5 UGX 28.4452 28.3742 28.5162 03.Nov.2010 6 TZS 18.5766 18.5276 18.6256 03.Nov.2010 7 AED 21.9338 21.9120 21.9557 03.Nov.2010 8 CAD 79.8922 79.7806 80.0039 03.Nov.2010 9 CHF 82.0943 81.9864 82.2022 03.Nov.2010 10 JPY 99.9276 99.8189 100.0362 03.Nov.2010 11 SEK 12.0810 12.0630 12.0991 03.Nov.2010 12 NOK 13.7611 13.7389 13.7833 03.Nov.2010 13 DKK 15.1281 15.1092 15.1470 03.Nov.2010 14 INR 01.8149 01.8127 01.8171 03.Nov.2010 15 HKD 10.3927 10.3819 10.4034 03.Nov.2010 16 SGD 62.5212 62.4558 62.5867 03.Nov.2010 17 SAR 21.4812 21.4598 21.5025 03.Nov.2010 18 CNY 12.0687 12.0563 12.0811 03.Nov.2010 19 AUD 80.3452 80.2472 80.4431 03.Nov.2010
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IMF Backs Bank Of Canada’s Decision To Maintain Interest Rates
Ottawa, Ontario, Canada (AHN) – An International Monetary Fund staff mission to Canada has backed the decision by the Canadian central bank to keep interest rates at their present level. The mission said the benchmark rate strikes the right balance between risks to the outlook and Canada’s advanced expansion.
However, the IMF warned Ottawa Thursday not to be complacent because weakening global demand, high household debt and protectionism could slow down Canada’s economic recovery.
Because of these threats, IMF Mission Chief for Canada Charles Kramer said in a statement, “In this context, Canada faces three main policy challenges: managing the exit toward a neutral macroeconomic policy stance; cementing fiscal stabilization; and incorporating the lessons from the crisis for financial supervision and regulation.”
Kramer said Canada is in a good position to adapt to international financial reforms that would improve supervision and regulations. He said Canada’s resilience during the crisis provides lessons on arrangements for promoting stability.
The IMF will release its final findings on Canada by the end of 2010.
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SBI revises int rates for NRI deposits in Pound Sterling, Euro
Public sector lender, State Bank of India, today announced an increase in interest rates for non- residents’ deposits made in Pound Sterling and Euro currencies.
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Inter Bank Forex Rates Pakistan – Learn Forex Trading, Forex Strategies, Forex Software, Forex Investment
Inter Bank Forex Rates Pakistan
What is FOREX (Foreign Exchange)?
Forex (Foreign Exchange) simply means the buying of one currency and selling another at the same time. In other words, the currency of one country is exchanged for those of another. The currencies of the world are on a floating exchange rate, and are always traded in pairs Euro/Dollar, Dollar/Yen, etc. In excess of 85 percent of all daily transactions involve trading of the major currencies. Inter Bank Forex Rates Pakistan
Four major currency pairs are usually used for investment purposes. They are: Euro against US dollar, US dollar against Japanese yen, British pound against US dollar, and US dollar against Swiss franc. The following notation is used for these currency pairs: EUR/USD, USD/JPY, GBP/USD, and USD/CHF. You may consider them as “blue chips” of the FOREX market. No dividends are paid on currencies. The investment profits come from well known “buy low – sell high”.
If you think one currency will appreciate against another, you may exchange that second currency for the first one and stay in it. In case everything goes as planned, some time later you may make the opposite deal – exchange this first currency back for that other – and collect profits.
Transactions on the FOREX market are fulfilled by dealers at major banks or FOREX brokerage companies. FOREX is the world wide market, so when you are sleeping in the North America some dealers in Europe are trading currencies with their Japanese counterparties. Therefore the FOREX market is active 24 hours a day and dealers at major institutions are working in three shifts. Clients may place take-profit and stop-loss orders with brokers for overnight execution.
Price movements on the FOREX market are very smooth and without gaps that you face almost every morning on the stock market. The daily turnover on the FOREX market is about $1.2 trillion, so investor can enter and exit position without problems. The fact is that the FOREX market never stops, even on the day of September-11, 2001 you could obtain two-side quotes on currencies. Inter Bank Forex Rates Pakistan
The currency foreign exchange ([http://www.123forex.blogspot.com]) market is the largest and oldest financial market in the world. It is also called the foreign exchange market, or “FOREX” or “FX” market for short. It is the biggest and most liquid market in the world, and it is traded mainly through the 24 hour-a-day inter-bank currency market – the primary market for currencies. The forex market is a cash (or “spot”) inter-bank market. By comparison, the currency futures market is only one per cent as big.
Unlike the futures and stock markets, trading of currencies is not centralized on an exchange. Forex literally follows the sun around the world. Trading moves from major banking centers of the U.S. to Australia and New Zealand, to the Far East, to Europe and finally back to the U.S.
In the past, the forex inter-bank market was not available to small speculators due to the large minimum transaction sizes and often-stringent financial requirements. Banks, major currency dealers and the occasional huge speculator used to be the principal dealers. Only they were able to take advantage of the currency market’s fantastic liquidity and strong trending nature of many of the world’s primary currency exchange rates.
Today, foreign exchange market maker brokers such as FX Solutions are able to break down the larger sized inter-bank units, and offer small traders the opportunity to buy or sell any number of these smaller units (lots).
These brokers give virtually any size trader, including individual speculators or smaller companies, the option to trade the same rates and price movements as the large players who once dominated the market. Market makers quote buying and selling rates for currencies, and they profit on the difference between their buying and selling rates Inter Bank Forex Rates Pakistan
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