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By Fran BLANDY BUENOS AIRES, Dec 13, 2023 (AFP) – Argentina devalued its currency by more than 50 percent Tuesday in a set of “shock” measures aimed at reviving a crumbling economy and tackling triple-digit inflation. The government of President Javier Milei, a libertarian who swept from obscurity to the top office vowing to chainsaw spending, also announced cuts to generous state subsidies and a halt to all new public construction projects. In a pre-recorded […]
LONDON, Oct 3, 2023 (AFP) – The dollar rose above 150 yen on Tuesday for the first time in a year, as the Japanese currency weakened further on a mix of ultra-loose monetary policy in Japan coupled with rising US interest rates that are attracting investors to the greenback. In mid-afternoon trading, the dollar/yen rate hit 150.16, a level not seen since October 2022, before falling back. Analysts say the yen’s decline could prompt the […]
by Sara HUSSEIN Agence France Presse TOKYO, Japan (AFP) — The yen sank to a fresh 24-year low against the dollar on Thursday, with the greenback surging to nearly 146 after Japan’s central bank left its ultra-loose monetary policy unchanged, a day after the Federal Reserve ramped up interest rates and warned of more to come. The yen has taken a beating in recent months as the Japanese central bank hews to a decade-old policy […]
HONG KONG, China (AFP) — Stocks fell Wednesday ahead of what many expect to be a third successive jumbo rate hike by the Federal Reserve, while the dollar hit fresh multi-decade highs against the pound and euro after Russia stepped up its war in Ukraine. Equities around the world have been clattered by fears of a recession in major economies as central banks ramp up borrowing costs to combat the highest inflation in decades, which […]
PARIS, France (AFP) — The euro sunk below $0.99 on Monday, a 20-year-low, following the announcement last week that Russia would cut off gas deliveries to Germany via the Nord Stream pipeline. The euro fell 0.70 percent to 0.9884 dollars Monday at 0535 GMT, its lowest since December 2002. The European currency has continued to weaken against the dollar since the start of the year, hammered by economic turbulence and uncertainties sparked by Russia’s invasion […]
HONG KONG, China (AFP) — Markets tumbled in Asia and Europe on Monday to extend a global rout while the dollar soared after a forecast-beating US inflation print ramped up bets on a more aggressive campaign of Federal Reserve interest rate hikes. Fresh Covid outbreaks in Shanghai and Beijing have also seen authorities reimpose containment measures soon after lifting them, leading to fears about the world’s number two economy. The possibility of more restrictions […]
by Etienne BALMER Agence France Presse TOKYO, Japan (AFP) — The yen plunged to its lowest level against the dollar since 1998 on Monday as sky-high US inflation fuels a widening monetary policy gap between Japan and the world’s largest economy. Japan’s currency has been weakening for months, accelerated by the US Federal Reserve’s aggressive monetary tightening to tackle soaring inflation caused by the war in Ukraine and other factors. But unlike the Fed, […]
HONG KONG, China (AFP) — The dollar extended losses and Asian markets enjoyed another day of gains Thursday after the Federal Reserve indicated it could soon cut interest rates. The softer slant from the US central bank provided more support to global investors, who were already in buoyant mood after Donald Trump flagged positive talks with China’s Xi Jinping and raised hopes of a trade deal between the economic giants. After a much-anticipated meeting, Fed […]
by Esteban ROJAS CARACAS, Venezuela (AFP) — Venezuela’s President Nicolas Maduro may be fiercely opposed to the “imperialist” United States. But in one regard, a US invasion is already happening: the dollarization of his South American country. Dollar bills are mixed in with wads of the near-worthless bolivar in markets. Long lines form for an opportunity to buy dollars. Shops offering scant and desperately sought basic items are increasingly demanding dollars as payment. The adoption […]
HONG KONG, China (AFP) — Asian markets edged down Tuesday as profit-takers stepped in following a recent run-up, while the pound maintained gains on hopes Britain will avoid crashing out of the European Union. While there were few catalysts to drive business and Wall Street was closed for a holiday investors are keeping tabs on developments in various issues including the US government shutdown, Brexit and China’s stuttering economy. The optimism surrounding China-US trade talks […]
HONG KONG, China (AFP) — The dollar extended losses in Asia while most equities rose after the head of the Federal Reserve hinted at a softer pace of interest rate hikes, though investors remain wary about the weekend’s crunch trade talks between Donald Trump and Xi Jinping. US markets were sent soaring Wednesday after Fed chief Jerome Powell said borrowing costs were still historically low but only “just below” the neutral level, a rate that […]
(Eagle News) — The Philippine peso dropped to its lowest value in almost 13 years as it breached the P54 to a dollar on Wednesday, Sept. 12, settling at P54.13 after the day’s trading session. This as the country’s trade deficit further widened to $22.49 billion at the end of the first seven months. The P54.13 to a dollar was only less than almost three centavos lower than the record low of P54.155 set on […]
