Saxo Bank, the Copenhagen based online investment trading bank which successfully launched its operation in Dubai earlier this year will be co-sponsoring and participating in the 5th Middle East Forex Trading Expo and Conference 2009 which will be held at Emirates towers on the 17th and 18th of November.
With foreign exchange investors anticipating that the Reserve Bank of Australia will hike key interest rates later this week, they sold off their holdings in the relative safety of the Japanese Yen to buy the Australian Dollar, precipitating the Yen’s decline from earlier gains.
Interbank FX, a worldwide provider of online off-exchange retail foreign currency (Forex/FX) trading, today announced its participation in Arabcom group’s fifth annual Middle East Forex Trading Expo and Conference to be held November 17-18 at Jumeirah Emirates Towers Hotel in Dubai.
With better-than-expected GDP data out of the United States released yesterday, investors are eagerly awaiting further economic data to be released today before committing to higher-yielding currencies.
Profit taking helped spur the Japanese Yen higher against a number of currencies in Asian trading today.
The JPY displayed an increase across all currencies on Wednesday due to investors trimming stretched risk positions in higher-yielding currencies. The stock market also fell following U.S. Data that was weaker than expected.
The U.S. Dollar Index continues to hold its own versus a group of major currencies, trading at 76.130 .DXY, following the 2-week high established yesterday at 76.328 .DXY.
The dollar remained stable and steady on Tuesday after sharp inclines on Monday, but made very small forward progress as investors ceased from selling the euro and other higher-yielding currencies. On Monday, the euro dropped the most since early August, with a close to 1 percent dip.
The U.S. Dollar continued to hold steady in Tokyo trading after seeing sharp gains in yesterday’s trading, gains which resulted from an increase in Treasury yields yesterday to the highest level over the past 2-months, all of which helped to prop up the U.S. currency.
With the issuance of a report out of China suggesting that the central bank should increase their holdings in the Japanese Yen and single currency Euro in their foreign reserves, investors sold off the U.S. currency, driving the U.S. down to a new 14-month trough versus the Euro in Asian trading today.
In advance of the release of economic data from the Euro zone later today, the single currency Euro briefly hit on a new multi-month high before retreating.
The U.S. Dollar Index recovered from recent 14-month lows in Tokyo trading today following the release of information confirming that China’s domestic growth has grown in line with investor and analyst expectation. Third quarter GDP in China rose to 8.9%, and offered traders an excuse for profit-taking on high yielding currencies, including the Australian Dollar and the single currency Euro.
Investor profit taking on high yielding asset-based currencies helped boost the U.S. Dollar in Asian trading today.
In early trading in Tokyo, the Euro rose to its highest level versus the U.S. Dollar since August 2008, trading just shy of $1.5000.
Finance ministers from the Euro Zone will be meeting later today to discuss with Jean-Claude Juncker, the Eurogroup chairman, their concerns about the Euro-zone’s recovery, given the single currency Euro’s recent continued rise.