| Swedish Krona Slides as Policymakers Signal End to Rate Raises
March 30 (Bloomberg) -- The Swedish krona, the best performing major currency in 2006, is falling out of favor as the central bank signals the end to 13 months of interest rate increases. The krona has declined against 15 of the 16 most actively traded currencies in the first quarter because the Riksbank suggested it will probably lift benchmark rates just once more this year, after boosting them seven times. Policy makers kept their repurchase rate at 3.25 percent today, matching the forecast of 18 out of 19 economists surveyed by Bloomberg. ``The krona is losing interest rate support,'' said Max Tessier, vice president of currency management at CIBC Global Asset Management in Montreal, which manages $2 billion in foreign exchange. ``Monetary policy will quickly reach the end of the cycle.
Soros on the cheap
BETTING on currencies may have helped George Soros get rich, but for most people it is a mug's game. Forecasters often get the direction of foreign-exchange movements wrong, never mind their magnitude. But there is evidence that investing in currencies can add value to a portfolio, even though it may seem to be a zero-sum game (because as one currency rises, another must fall). The chance of earning an extra return arises thanks to the presence in the market of what economists might call "non-profit-maximising" participants—in other words, people with motives other than the best currency rate. Tourists are an obvious example: they tend to buy and sell during (or just before) their holidays and have to take exchange rates as they find them. Portfolio investors usually buy foreign assets because they like an individual security, not on the basis of expected currency movements.
Ipsos MORI Poll rates 4X Currency as best specialist Foreign ...
Brighton, UK - Monday 19 March, 2007 - 4X Currency has been listed as the UK's best specialist foreign exchange provider, according to an Ipsos MORI Poll of exchange rates offered by 10 different UK-based FX providers. A mystery shopper telephone exercise was conducted to find the best rates available to customers seeking foreign currency exchange, and found that 4X Currency's rate of 1.4803 Euros to the pound was the most favourable - .73 of a cent more than the lowest placed provider. The shopper enquired how much each FX company charged on a purchase of 165,000 Euros and revealed that 4X Currency's offer - £111,463.89 - was the most competitive, and over £550 cheaper than that of the bottom-placed company, the International Currency Exchange.Ipsos MORI was commissioned to find the best live dealing rates available to customers.
US plans complaint to WTO on China piracy issue
WASHINGTON: The United States may file a complaint with the World Trade Organization as early as next week over what it calls China's piracy of copyrighted movies and books, according to four people briefed by the Bush administration. Officials have prepared two cases, one saying that China sets too high a value on pirated movie or music disks before prosecuting violators, and the other objecting to restrictions on the sale of foreign books and movies in the nation, they said. The people, three industry officials and one lawyer, spoke on condition that they not be identified. Lobbying groups representing Microsoft, Walt Disney and Vivendi estimate that the illegal copying of movies, music, software and books in China cost companies more than $2.2 billion last year.
Canada Afternoon: C$ Edges Down Slightly In Consolidation
TORONTO (Dow Jones)--The Canadian dollar ended marginally lower in narrow, quiet trading Monday, beginning the week with a reversion to the same type of restrained activity that characterized its movements prior to a short-lived rally on Friday. The U.S. dollar was trading at C$1.1559 at 3:30 p.m. EDT (1930 GMT), from C$1.1553 at 8:00 a.m. EDT (1200 GMT), and from C$1.1546 late Friday. After its Friday gains established new year-to-date intraday highs for the Canadian dollar on the brink of the C$1.1500 figure, the currency in the eyes of many market-watchers had risen to technically overbought extremes. Monday therefore afforded a good opportunity for some consolidation of those gains, especially given a quiet day on the North American economic data front and relatively limited activity for other widely-traded currencies as well.
|
