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Dollar
Rises:



The dollar gained on Monday even as the
news about the fraud involving Goldman Sachs hit the headlines.



The dollar gains whenever there is a risk
aversion since investors invest in the Treasuries to minimise risk.



In late New York trading the euro slipped 0.1
percent to reach $1.3481, the euro earlier fell to $1.3415, the lowest in more
than a week.



The euro fell against the Japanese yen as
well. It traded as low as 123.18 yen per euro before gaining 0.1 percent to
trade at 124.56 yen.



Investors are worried about the Greece debt and
the means for Greece
to repay the bailout money that it plans to take from the EU and the IMF.



Talks with EU and IMF officials that were
due to start on Monday has been postponed to the coming week due to the
volcanic ash.



The premium demanded by the investors to
buy Greek bonds over German bonds rose sharply on Monday due to the unresolved Greece problem.



News about China hiking the mortgage rates to
help restrict the property speculation hurt the Chinese stocks, which suffered
high losses in 8 months.



The dollar gained 0.3 percent against the
yen to settle at 92.39. The dollar traded lower than 92.39 during the European
session.



The British pound fell 0.2% to settle at
$1.5332 on concerns about a hung assembly in the upcoming May 6 elections.

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Yuan
revaluation:



The possibility of the Chinese currency,
Yuan being revalued has strengthened the other Asian currencies against the
dollar.



Yunosuke Ikeda, a senior forex analyst at
Nomura Research Institute said that the Yuan revaluation would boost the export
industries of countries that have a trade partnership with China.



He also added that the revaluation would
have little negative impact on the Chinese economy. According to him, the Yuan
would have to raise 20% to 30% to have a major impact on the economy. He
expects China to revalue its currency at 5% annually.



Ikeda said that the Malaysian Ringgit and
the Singapore dollar were likely to benefit the most out of currency
revaluation and that the Australian dollar would be hit by profit taking.



The greenback is down 6 percent against the
Malaysian Ringgit, 5 percent down against the Korean Won and 4 percent down
against the Indian Rupee and the Australian dollar.



Asian currencies will further benefit from
the move to tighten the monetary policies from the Asian Central Banks.



On Wednesday, Singapore revalued its currency
sparking speculations that South
Korea and China may follow suit.



In the mid 2008, the Chinese Yuan was
pegged at 6.8 to the U.S. dollar. The Chinese economy is going strong with
11.9% growth in the first three months of 2010.



However, the U.S. dollar is struggling to
recover with disappointing data and false dawns.

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Euro Falls:


On Friday, the euro fell on concerns about
the situation in Greece.
The dollar and yen gained as the equity markets fell pushing investors towards
currencies.



The Japanese yen gained on speculations
about China’s
currency revaluation. Niels Christensen, currency strategist at Nordea in Copenhagen said, “Risk
aversion and speculation of yuan revaluation is supportive for the yen”.



The US dollar gained against the Canadian
dollar; it was $1.01 against the Canadian dollar, a rise of more than 1%. The
Australian dollar was $0.92 to a US dollar, a fall of more than 1%. The New Zealand
dollar stood at 0.92 against the US dollar.



The euro to yen exchange was about 124 yen,
a fall of nearly 2 percent. The euro earlier went as low as 123.88. The dollar
reached a low 91.91 against the Japanese yen before gaining to reach 92 yen per
dollar. Overall, the dollar fell more than 1 percent against the Yen.



A Japanese lawmaker from the ruling party
was of the opinion that monetary easing and intervention to weaken the yen were
required to beat the deflation.



Yen was boosted after the speech of Chinese
President Hu Jinato who said that China acted on the principle of
slowly putting in place a managed floating system.



The British sterling fell against the
dollar on concerns about the upcoming May 6 elections. It was $1.53 to a
dollar.

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Defensive
Dollar:



News about the strong economic growth in China and the
possibility of revaluing Yuan led the dollar to stay defensive on Thursday.



The economic growth of China in the
first quarter of 2010 reached 11.9%, the fastest in almost three years. The
consumer inflation for March was 2.4% as against the recorded rate of 2.7% in
February.



The Australian dollar and the Japanese yen
rose on speculations about the Chinese data but didn’t show any corrective
measures after the report.



There are speculations about China loosening
its grip on Yuan and also revalue its currency.



China is
the single largest buyer of Australian commodity exports like Iron ore and Coal
and this has led to huge price increase for these commodities.



Singapore
revalued its currency against the US dollar and this has led the investors to
speculate on a possible Yuan revaluation. Investors think that China will
allow its currency to appreciate against the dollar.



The dollar index, which hit the lowest of
79.50/55 on March 17th was flat at 80.224.



The dollar rose 0.3% against the yen to
93.48 on Wednesday, late New York
trading.



The euro against the dollar remained
stabled at 1.36451 after a 0.4% rise on Wednesday.



The Australian dollar was down 0.1% at
0.9346. The euro to yen was 127.60; Australian dollar to yen was 87.38, a 0.3%
rise

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Euro
rises against Asian currencies:



The strong growth data from Singapore
boosted investor confidence and encouraged the dealers to take higher risks. Singapore said
that it expects the economy to grow 9% this year.



On Tuesday, the euro against the US dollar
stood at 1.3616 in New York.
It rose to 1.3650 in Tokyo
on Wednesday afternoon. The euro against yen rose to 127.28 from 126.86



The dollar against the yen was 93.24 from
93.15 in New York.
The US dollar against the Singapore
dollar was 1.3926 on Tuesday, which fell to 1.3766 on Wednesday.



The Monetary Authority of Singapore (MAS) is implementing tighter monetary policies to
manage inflation as the economy recovers.



Hiroshi Maeba said that the rise in the
euro was due to the news about MAS
and the GDP forecast. Maeba also
said that even though the euro will continue to rise for the time being, any
negative news about Greece’s
economy will have an adverse affect on the euro.



The dollar was not affected by the US trade
deficit and China’s
decision of not revaluing Yuan due to pressure from the US too had
little impact on the dollar value.



The dollar fell to 31.44 against the Taiwan dollar
from the earlier 31.56; Philippine peso gained and was 44.51 to a dollar as
against the earlier value of 44.78 pesos. The Thai Baht was 32.25 to a dollar
from the earlier 32.33.

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U.S.
dollar falls:


The euro was 1.3589 to a dollar on
Monday as against the 1.3497 dollars on late Friday.



The dollar gained slightly with the
Yen. It was 93.18 yen to begin with and gained to reach 93.21.



As the news about the relief package of
30 billion euro for the debt-ridden Greece hit the news market, the
euro had gained against the dollar to reach S1.3692.



The analyst also said that there are
questions about the bounce and the duration before the markets focus on the
other fiscal problems in the euro zone.



Other European countries like Portugal, Italy and Spain are
finding it difficult to raise money on bond markets. An analyst at Forex.Com
said that the EU support for countries facing economic woes was standing in the
way of strict economic austerities being implemented by the affected countries



The Euro zone deal that was implemented
on Sunday had a positive impact on the bond market. The 10-year debt paper came
down to 6.637% from the earlier 7.126%. On Monday, the yield fell to 6.498%
before gaining again.



On last Thursday, the rate surged to
more than 7.5%, the highest since it joined the euro zone in 2001.



The dollar to Swiss franc was 1.0593
and the sterling was 1.5368 to a dollar.

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Euro
weakens, world stocks gain:





On Sunday, the Euro zone finance
ministers approved a 30 billion euro aid for Greece. However, Greece was yet
to activate the aid. A 10 billion euro package is expected from the IMF in the
first year.



According to a German spokesperson, a
summit of European leaders is needed to activate the aid.



The euro weakened against the dollar
and was $1.3588, a 0.2% fall. The euro has lost 5% against the U.S. dollar due
to Greece’s
debt problem.



There was a 4.5% increase in Greece’s share
benchmark and 7.6% increase in Greece’s
banks.



The 1.2 billion euro Treasury bills go
on auction on Tuesday. The 10-year yields closed at 409 basis points on Friday.



Tokyo’s
Nikkei average rose 0.4%. 10-year benchmark U.S. Treasuries yield was 3.89%, a
1 basis point gain whereas yield on 10-year Bunds was 3.191%, , 2 basis points
rise.



Europe’s
stock index FTSEurofirst 300 stock index neither gained nor weakened. MSCI
All-Country World index reached an 18-month high after gaining 0.3%.



The U.S. stock index futures remained
flat and moved up 0.2%, an indication of a positive start to the Wall Street.



China
reported a monthly trade deficit, first in six years. Following this report,
Yuan futures weakened against the U.S. dollar. There are speculations that there
will be no rise in the Yuan due to the trade deficit.

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