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Chinese currency keeps slipping against dollar (Oman Daily Observer - 31/12/2015)

China’s currency fell for the third straight day on Wednesday to its weakest rate against the dollar in more than four and a half years. The yuan, also known as the renminbi, dropped 31 basis points to 6.4895 against the US dollar on Wednesday, its

Saudi riyal devaluation bets soar to 16-year high on budget plan (Gulfnews - 30/12/2015)

Contracts used to bet whether Saudi Arabia will allow its dollar-pegged currency to weaken jumped to the highest level in more than sixteen years after the world’s biggest oil exporter cut subsidies and spending for next year. Twelve-month forward

Egypt’s central bank keeps pound at 7.7301 per dollar -traders (Gulfnews - 28/12/2015)

Egypt’s central bank kept the pound steady at 7.7301 pounds to the dollar at its official foreign currency auction on Sunday, several foreign exchange traders told Reuters, three days after it raised benchmark interest rates by 50 basis points. Egypt is

Currencies subdued in Christmas holiday lull, dollar adrift (Reuters - 24/12/2015)

The dollar, euro and yen were subdued on Thursday in a languid session with much of the Western world already shuttered for the Christmas and year-end holidays, but some players are eyeing the potential for more dollar strength next year. The euro traded

EUR/USD Sets Eye On 200-Day SMA (Action Forex - 24/12/2015)

'There's some paring of outstanding dollar long positions with investors reluctant to carry dollar exposure into the holidays.' - National Australia Bank Ltd. (based on Bloomberg) Pair's Outlook Another bullish trading session was registered by the most

Ascending Trend-Channel Support Might Trigger EURUSD Pullback (Action Forex - 24/12/2015)

EURUSD's reversal from short-term ascending trend-channel resistance pulled the pair towards testing the channel support; however, the same might limit its further downside and could favor a bounce to 61.8% Fibo level, near 1.0960, breaking which

Currency forecasters flopped in ’15, burned by commodities rout (Gulf Times - 24/12/2015)

Strategists surveyed by Bloomberg were, on average, 11 percentage points off in their predictions this year for the 16 most-traded global currencies, the worst performance in data going back to 2010. Analysts saw the Mexican peso as the biggest star this

Rupee climbs to one-month high as oil boosts deficit optimism (Gulfnews - 22/12/2015)

India’s rupee climbed to a one-month high on optimism plunging prices of Brent crude will help cut the nation’s current-account deficit. Goldman Sachs Group Inc. estimates the shortfall in the broadest measure of trade will be 1.1 per cent of gross

China to devalue its currency further (Arab News - 21/12/2015)

In the last twelve months, most emerging markets’ currencies depreciated against the US dollar, helping improve their competitiveness. However, economies with a US dollar peg appreciated against other currencies. These include the export-intensive GCC

Stronger dirham good for remitters, bad for borrowers (Khaleej Times - 20/12/2015)

The end of seven years of zero interest rates era in the world's largest economy will have its repercussions in the GCC countries as a stronger dollar impacts the region on several fronts. While a stronger dollar could translate into stronger regional

Rupee faces moment of truth with $2.6b outflow before Fed (Gulfnews - 17/12/2015)

India’s rupee is feeling the heat as the Federal Reserve looks set to raise interest rates for the first time in a decade. The currency, touted as Asia’s most resilient to a US rate increase by Australia & New Zealand Banking Group Ltd, has extended

Pound drops as BoE’s Shafik says pay jump needed for rate hike (Gulf Times - 15/12/2015)

The pound declined against all except one of its 16 major peers as Bank of England Deputy Governor for Markets and Banking Minouche Shafik said she will “proceed with caution” when considering voting for an interest-rate increase. The UK currency halted

Gulf currency reviewed (Gulf Daily News - 13/12/2015)

The pros and cons of a unified Gulf currency were discussed at an economic lecture held on Thursday at the Isa Cultural Centre. The event, which was held by the Shura Council in conjunction with the Gulf Monetary Council, was an overview of the issues

China FX reserves plunge to lowest level since Feb 2013 (The Gulf Today - 08/12/2015)

China’s foreign exchange reserves, the world’s largest, fell by $87.2 billion in November to $3.44 trillion, central bank data showed on Monday, the lowest level since February 2013 and the third largest monthly drop on record. Analysts blamed the fall

Saudi riyal peg seen safer than forward contracts imply (Gulf Times - 07/12/2015)

The recent spike in US dollar/Saudi riyal forward points has prompted speculation that Saudi Arabia may abandon the riyal peg to the US dollar, but the country’s fundamentals and abundant reserves don’t justify such a move, writes Bloomberg strategist

Masraf Al Rayan wins 2015 WIBC Awards (The Peninsula - 07/12/2015)

Masraf Al Rayan, a leading bank in Qatar and the region, has won the 2015 World Islamic Banking Conference (WIBC) Performance Awards across all three categories- country, regional and global. The World Islamic Banking Conference 2015 was held on December

Euromoney to discuss growth in Qatari capital market (The Peninsula - 07/12/2015)

The future direction of Qatar’s capital markets, as well as the strength of the country’s institutions, will be examined at the forthcoming Euromoney Qatar Conference, set to run from 9-10 December at the Ritz-Carlton in Doha. The speakers in the panel

Exchange rate peg to dollar is ‘appropriate’ for GCC: QNB (The Peninsula - 06/12/2015)

The exchange rate peg to the US dollar is an appropriate policy framework for the GCC as it provides a stabilisation of inflation and output growth. As the GCC moves further down the diversification path, especially with regards to exports, it could

China leaves India trailing in race for reserve currency status (Times of Oman - 03/12/2015)

China's accession to the International Monetary Fund's elite has left behind India, whose cautious approach to liberalisation means the rupee is unlikely to be a viable candidate for reserve currency status for at least a decade. China has campaigned

IMF approves yuan for currency basket in win for Beijing (Gulfnews - 01/12/2015)

The International Monetary Fund on Monday admitted China’s yuan into its benchmark currency basket in a victory for Beijing’s campaign for recognition as a global economic power. The IMF’s executive board agreed to add the yuan, also known as the

IMF poised to put Chinese yuan in elite currency basket (Oman Daily Observer - 30/11/2015)

The International Monetary Fund is expected to approve inclusion of China’s yuan in its SDR basket of elite currencies on Monday, rewarding Beijing’s strong pursuit of the global status. The IMF executive board is scheduled to meet on Monday to decide on

Saudi riyal devaluation talk 'far-fetched' (Trade Arabia - 29/11/2015)

Saudi Arabia has the tools available to protect itself as low oil prices push the current account and budget balances of the world's top crude exporter deep into deficit, senior bankers in Saudi Arabia and the Gulf said. In private conversations with

Euro has worst-ever run of weekly losses versus yen before ECB (Gulfnews - 29/11/2015)

The euro posted its longest stretch of weekly losses versus the yen since the shared currency’s 1999 creation as the European Central Bank prepares to meet. The 19-nation currency has fallen versus 13 of its 16 major peers this month, and is headed for

Sri Lanka currency falls to record low (Arab News - 29/11/2015)

The Sri Lankan rupee fell to a record low of 143.25 per dollar on Friday, on track for its sixth straight session of declines on importer demand for the greenback amid lower dollar liquidity. Exporters were also reluctant to sell dollars on expectation

Qatar riyal sinks in forwards market on loan concern -traders (Gulfnews - 26/11/2015)

Qatar’s riyal fell sharply in the forward foreign exchange market on Wednesday because of concern about the country’s progress in obtaining a syndicated loan of up to $10 billion from banks, traders said. One-year US dollar/riyal forwards rose as high as

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