| Dollar drops to six-year low against local currency
The dollar hit an almost six-year low on Friday against the shekel: NIS 4.155. Yesterday the greenback recovered slightly in options trading on the Tel Aviv Stock Exchange, since there is no foreign currency trading on Sundays. The shekel-dollar exchange rate reached NIS 4.161.
To weaken the shekel, the Bank of Israel has been cutting interest rates. But it hasn't worked as foreign investors continue to buy shekels to make investments in Israel.
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Forex trading ‘guru’ indicted
Joel Nathan Ward, 48, of Turlock has been indicted by a federal grand jury in Sacramento on five counts of wire fraud, two counts of mail fraud, and two counts of engaging in a monetary transactions in property derived from specified unlawful activity, a form of money laundering. Mr. Ward, a frequent commentator and seminar speaker on foreign currency exchange (forex) trading, is alleged to have been running an elaborate scam through two of his companies, the Joel Nathan Forex Investment Group of Turlock and Learn: Forex, Inc., a forex trading educational center based in Sacramento. The indictment alleges that Mr. Ward provided investors with monthly statements that purported to reflect their true profits and account balances. In reality, however, he stole the investors funds and, in order to conceal the theft, made Ponzi payments using other investors funds and provided his investors with altered account statements, according to Assistant U.S.
Yen Falls Versus Euro, Dollar on Increased Appetite for Risk
March 15 (Bloomberg) -- The yen fell against the euro and the dollar on speculation investors resumed borrowing in the Japanese currency to invest in higher-yielding countries. The yen dropped against all of the 16 most active currencies including the Australian and New Zealand dollars on expectations investors will resume what is known as the carry trade. U.S. stocks advanced for a second straight day. ``Equities are the leading indicator of investors' risk appetite right now and their willingness to re-establish the carry trade,'' said C.J. Gavsie, managing director for foreign- exchange trading in Toronto at BMO Capital Markets. The yen fell 0.53 percent to 155.64 per euro and dropped 0.40 percent to 117.56 per dollar at 4:49 p.m. in New York.
BOT watching banks' forex trading
The Bank of Thailand (BOT) has urged Thai banks to adjust their net foreign exchange position at the end of each day, and foreign banks within the following day, a source in the financial community said yesterday. Given the rapid strengthening of the baht, the central bank is taking a close look at the foreign currency trading of commercial banks by asking them to report their net foreign positions on a daily basis. Deputy BOT Governor Atchana Waiquamdee yesterday said it wanted to know whether the banks' currency trading was normal in relation to export transactions. Some banks have been blamed for being involving in baht speculation by selling US dollars into the market, putting additional pressure on the baht initially spurred by exporters. Exporters have largely sold off their dollar incomes amid a concern the BOT would revoke the capital reserve requirement.
Chinese yuan hits new high against US dollar
China's currency, the yuan, hit a new high against the US dollar on Monday, after reaching a central parity rate of 7.7306 yuan to the dollar, according to the Chinese Foreign Exchange Trading System. The yuan, also known as Renminbi (RMB), gained 36 basis points from Friday's reference rate of 7.7342 to the US dollar, and has strengthened 781 points since the beginning of the year when it closed at 7.8087 yuan to the dollar on the last trading day of 2006. The value of the RMB has risen about five percent since July 21, 2005, when the Chinese government launched reforms of the exchange rate system. The yuan to allowed to float against the US dollar within a daily band of 0.3 percent. The yuan climbed to 7.7386 yuan to the US dollar, breaking the 7.74 mark for the first time on March 8 this year.
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