May 26, 2010
May 21, 2010
Weak euro benefits Europe's exports -Juncker quoted
Weak euro benefits Europe's exports -Juncker quoted
TOKYO, May 21 (Reuters) - The euro's weakness benefits Europe's exports, Eurogroup Chairman Jean-Claude Juncker was quoted as saying by the Nikkei newspaper, after the euro fell this week to a four-year low against the dollar.
Juncker was also quoted as saying in the interview that European authorities have vigorously acted against speculative moves.
The interview took place on Thursday, the Nikkei said.
Investors have punished the euro, European stocks and government debt recently after Greece revealed that its debt burden was larger than previously reported, stoking fears that European countries with weak public finances might be unable to repay their debt.
On proposed new bank taxes to help pay for financial bailouts, Juncker said he would not rule out Europe acting unilaterally to apply such a levy.
While major countries are divided on bank taxes, supporters such as Britain have argued a levy must be internationally coordinated otherwise banks will find ways round it. (Reporting by Rie Ishiguro; Editing by Edwina Gibbs)
Juncker was also quoted as saying in the interview that European authorities have vigorously acted against speculative moves.
The interview took place on Thursday, the Nikkei said.
Investors have punished the euro, European stocks and government debt recently after Greece revealed that its debt burden was larger than previously reported, stoking fears that European countries with weak public finances might be unable to repay their debt.
On proposed new bank taxes to help pay for financial bailouts, Juncker said he would not rule out Europe acting unilaterally to apply such a levy.
While major countries are divided on bank taxes, supporters such as Britain have argued a levy must be internationally coordinated otherwise banks will find ways round it. (Reporting by Rie Ishiguro; Editing by Edwina Gibbs)
GLOBAL MARKETS-Asian stocks dive although euro edges up
GLOBAL MARKETS-Asian stocks dive although euro edges up
SINGAPORE, May 21 (Reuters) - Asian stock markets slid on Friday as worries about the euro zone prompted more investors to cut risky positions, but trading was choppy as the euro edged higher and the Australian dollar bounced back from a vicious two-day selloff.* In Asian trade, the euro
* On the year, however, the euro is down over 12 percent against the dollar. Despite Thursday's rise, sentiment on the currency remains decidedly negative, with investors concerned about a seeming lack of unity among euro zone leaders in addressing the debt crisis.
* Japan's Nikkei average <.N225> fell as much as 3.2 percent to 9,710.92, a five-month month-low. The index has lost over 5.3 percent since the start of the week, when renewed worries about the euro zone began. [nTOE64K00Y]
* "Investors are shifting toward cash as you can see from such moves as investors were even selling gold yesterday," said Masaru Hamasaki, a senior strategist at Toyota Asset Management. "There's uncertainty over the extent of the fallout from the crisis, such as whether it would end up leading to a halt in financial trades like after the Lehman shock."
* The MSCI index of Asia-Pacific shares outside of Japan <.MIAPJ0000PUS> was down 1.07 percent.
* The Australian dollar
* Spot gold prices
* U.S. crude futures fell below $70 a barrel on fears that crude demand could suffer because of Europe's debt crisis. NYMEX crude for July delivery
Chavez says new forex rate "not far" above 4.3/dlr
Chavez says new forex rate "not far" above 4.3/dlr
CARACAS, May 20 (Reuters) - Venezuela's new foreign exchange rate to be set by the Central Bank should not be much above the highest current official rate of 4.3 bolivars to the dollar, President Hugo Chavez said on Thursday.
The central bank is taking over a "parallel" currency market, previously in private hands, where the bolivar had bombed to more than 8.0 to the dollar this year. (Reporting by Andrew Cawthorne)
The central bank is taking over a "parallel" currency market, previously in private hands, where the bolivar had bombed to more than 8.0 to the dollar this year. (Reporting by Andrew Cawthorne)
UPDATE 1-Chavez says new forex rate "not far" above 4.3/dlr
UPDATE 1-Chavez says new forex rate "not far" above 4.3/dlr
CARACAS, May 20 (Reuters) - Venezuela's new foreign exchange rate to be set by the Central Bank should not be much above the highest current official rate of 4.3 bolivars to the dollar, President Hugo Chavez said on Thursday.
The central bank is taking over a "parallel" currency market, previously in private hands, where the bolivar had bombed to more than 8.0 to the dollar this year.
The bank is to establish a new band for the bolivar, depending on local supply and demand, and using international bond prices as a reference, officials have said.
"It won't be much above 4.3, right?" Chavez said in a televised meeting with his economic team.
"It will be around there, very close."
This week's state takeover of the hitherto free-floating "parallel" market effectively creates three officially controlled currency rates in the South American OPEC member nation.
The state provides dollars at 2.6 bolivars for essential items like medicines, and also has had another rate of 4.3 bolivars since a January devaluation.
The "parallel" rate had sprung up due to restricted access to dollars at the other two levels, but now that too will be in government hands. Analysts predict a black market will spring up quickly. (Reporting by Andrew Cawthorne, editing by Anthony BoadleMay 17, 2010
May 12, 2010
May 8, 2010
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