| 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.
Russia accumulating gold and currency reserves
RBC, 05.04.2007, Moscow 11:04:32.The Bank of Russia's gold and foreign currency reserves amounted to $338.7bn as of March 30, up $6.1bn, or almost 2 percent, from the previous showing. Hence, the reserves have been rising for five weeks straight, with the increase amounting to $27.6bn, or 9 percent, over this period. This stepping-up in Russia's reserves may be attributed to the Central Bank's active foreign currency acquisitions on the domestic market, as well as to the euro's advance against the dollar on international exchanges. Ten latest news Other news .
Toronto Office Opening Expands HiFX’s Global Reach
The new office, HiFX's eighth worldwide location, bolsters HiFX's global network, providing its clients with speed, efficiency, and extensive access to the world's foreign exchange markets. John Glover, a 17-year veteran of the foreign exchange markets, leads the Toronto office as Director. According to Glover, "Client demand dictated that we further expand our east coast presence, and the addition of the Toronto office allows us to reach across markets and time zones, providing our clients with up-to-the-minute advice on how to best manage their foreign exchange risks in volatile markets. HiFX is committed to providing its clients with the best available advice on foreign exchange hedging, currency risks and the effect those risks can have on their businesses." Joining Glover in the new office is a team of 10 foreign exchange professionals, bringing expertise in spot, forwards, and options.
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