Dollar Gains against Yen, Euro, Pound | ForexGen Daily News

The U.S. dollar showed the first daily growth against the euro in last four trading days after the U.S. Treasury Secretary Henry Paulson announced the government’s funding plans for the failing mortgage lending giants Freddie Mac and Fannie Mae.

The dollar also rose against the other major currencies, including Japanese yen and British pounds, after the arrival of the news that Paulson asked the U. S. Congress to buy stakes in both Freddie Mac and Fannie Mae to help them to restore after the crisis.

Federal Reserve will also offer those companies loans at a discount rate in order to supply them with the additional liquidity.

Short-term currency speculators are now restoring the dollar’s position after they sold this currency last week. News that the U.S. government is help the whole financial system through the Freddie Mac and Fannie Mae buy-out will draw more attention to the dollar.

EUR/USD dropped from 1.5961 to 1.5864 today as of 8:44 GMT with a daily low near 1.5841. GBP/USD also declined significantly today — it went down from 1.9910 to 1.9823 with the minimum at 1.9814. USD/JPY showed a moderate growth — it rose from 106.13 to 106.71 today.

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Indian Rupee Heading for Weekly Gain | Forexgen

The Indian rupee is more likely to end this week in a positive zone against the U.S. currency as the investors expected that the companies’ good reports will attract traders and the conversion to local currency.

The India’s currency rose to its 2-week highest level today against the dollar after the report by the Infosys Technologies Ltd. showed results that exceeded the analysts’ estimate. A better than expected report of the second-largest software service provider could spur a rally on the Indian stock market next week.

If more companies report good figures for the second quarter, the rupee may get a better support as the stock prices went down this week and many investors may find them attractive to buy.

Foreign investment funds need to convert their currency (most often U.S. dollars) to the local rupees in order to buy the Indian equities. Such exchange helps strengthening the local currency against the dollar.

USD/INR rate lost 0.7 percent falling down from 43.151 to 42.845 this week. The weekly minimum was reached today at 42.717.

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Chinese Yuan at New High vs. Dollar | Forexgen

The Chinese yuan continued its general appreciation trend today and rose against the U.S. dollar and other major currencies as the traders believed that the central bank will continue to use stronger yuan in its anti-inflation policy.

As the inflation soared to 8.1 percent annual rate in the first five months of the year, Chinese Premier Wen Jiabao has already said this month that battling the accelerating inflation is a government’s current main objective. Yuan’s appreciation against the dollar reached 2.1 percent in the past three months.

Market analysts expect China to continue to push forward the yuan’s rate against the U.S. dollar, but they expect the growth to be less straightforward — with more frequent fluctuations of the rate. The average expected rate range by the end of the year is 6.40-6.60 yuan per dollar.

Today USD/CNY pair dropped down from 6.8570 to 6.8464 in Shanghai Forex trading. The daily minimum was at 6.8456 — it’s the lowest level for the currency pair since the end of the yuan’s peg to dollar in 2005.

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Australian Dollar Fell on Less Home-Loans | ForexGen

The Australian dollar declined today on Forex during the Asian trading session after the report on home-loans showed a massive decline in the sector and the consumer sentiment index dropped to its lowest level since 1992.

The Aussie (a nickname for the Australian currency) declined against all other major currencies including the U.S. dollar, the yen and the New Zealand dollar today. Traders were giving up their last hope that the country’s central bank will go for at least one interest rate increase by the end of the year.

The report by the Australian Bureau of Statistics showed that the residential home-loans declined 7.9 percent in May. Experts expected only 2 percent drop and such a fast decline is a very bad signal for the Australian economy and currency.

The Westpac Melbourne Institute Index of Consumer Sentiment fell 6.7 percent in July — from 84.7 to 79.0. Now the index stands at its 16-year lowest value. This unexpected fall followed a 5.6% decline last month. The most probable explanation for such a sharp fall in the index this month could be high oil and gas prices.

AUD/USD declined from 0.9532 to 0.9519 today as of 11:07 GMT, the daily minimum was at 0.9475. AUD/JPY went down from 102.38 to 102.20 with daily minimum at 101.78. AUD/NZD shows the largest daily drop since June 12 — from 1.2664 to 1.2609, with a daily low at 1.2585.

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