KARACHI (SANA): Pakistan’s foreign exchange reserves rose by $130 million in the week that ended on Aug. 8 to $11.85 billion from $11.72 billion the previous week, the central bank said.
The State Bank of Pakistan’s reserves rose to $8.36 billion from $8.31 billion a week earlier, while reserves held by commercial banks also rose to $3.49 billion from the previous week’s $3.41 billion, the central bank said in a statement.
Foreign reserves hit a record high of $16.5 billion in October 2007 but fell steadily to $6.6 billion by November of last year, largely because of a soaring import bill.
Pakistan agreed in November to an International Monetary Fund emergency loan package of $7.6 billion to avert a balance of payments crisis and shore up reserves. The fund last week increased the loan to $11.3 billion.
The IMF has released a third tranche of $1.2 billion, which was received on Wednesday and will be reflected in next week’s data.
On Aug. 1, the central bank stopped using foreign exchange to pay for diesel and other refined petroleum products, which will force importers to obtain the dollars they need in the market.
The central bank will continue to provide foreign exchange for crude oil imports until Feb. 1 next year.link...
Tuesday, September 1, 2009
Commencing Forex.
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What is Forex Currency.
Sometimes you get more for every dollar you exchange than other times. You will notice that foreign exchange rates never remain the same and are constantly changing. This volatility in exchange rates can enable you to make a lot of money in the forex market with forex currency trading.link...
Monday, August 31, 2009
The Lee Forex Enterprise.
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Money management.
Money management. There is nothing more that you need to have as a base to your money making experience than a way to track the money you are putting in, losing and winning on the Forex market. You need to have the fundamentals of money management to assess and support the strategies that you are employing on the Forex market. There is no point just investing and not being able to track your performance.
Your money diary is one of the key ways you are going to be able to track your progress and see where the mistakes are being made. Having a holistic time table and juxtaposing your money matters right next to it is one key ways that you are going to see if you are taking the right steps and the right direction towards the Forex market.LINK...
WORLD FOREX:
WORLD FOREX: Risk Aversion Helps Dollar, Yen Higher
The rise in risk aversion, which is driving global equities lower, is also helping to undermine the euro and the pound.
See chart at
http://www.dowjoneswebservices.com/chart/view/2553
Much of the negative sentiment was coming from China, where the Shanghai Composite Index fell a sharp 4.7% on the day after the country admitted that domestic growth may not be able to take up the slack of falling exports.
This is expected to add to pressure on the Fed to take a more cautious line on the economic recovery - reversing some of the optimism that was fueled by last Friday's strong U.S. non-farm payrolls data.
Even before the Chinese news, the Dow Jones Industrial Average had lost 1.0% and the Nikkei had started its 1.4% slide on the day.
The gloom was sustained by European equities with most markets losing up to 0.5%.
The dollar is not only benefiting from the rise in risk aversion but also from the latest evidence that foreign interest in the U.S. remains strong. An auction of three-year Treasury bills Tuesday not only attracted a very strong 2.89 bid-to-cover ratio but a higher-than-usual 62% of the total largely went to overseas central banks.
Another auction of 10-year bonds is due to take place shortly before the results of the Federal Open Market Committee meeting are announced at 1815 GMT.
Attention is also focused on the details of the Bank of England's latest Inflation Report. There is widespread concern that the central bank will play down recent evidence of an economic recovery to help justify its decision to extend quantitative easing last week.
The pound was already under pressure after the latest U.K. employment numbers Wednesday showed a larger-than-expected rise in the number of jobless, which implies a downside risk for consumption.
By 0915 GMT, the dollar had fallen to Y95.67 from Y95.93 late Tuesday in New York, according to EBS.
The euro was down at $1.4130 from $1.4154 and to Y135.20 from Y135.74. The dollar was down at CHF1.0809 from CHF1.0816, while the pound had dropped to $1.6455 from $1.6478.
In Eastern Europe, the euro is mostly higher, rising to HUF274.78 from HUF272.36, to PLN4.2084 from PLN4.1754 and to CZK25.837 from CZK25.793.
-By Nicholas Hastings, Dow Jones Newswires; 44 20 7842 9493; nick.hastings@dowjones.com
TALK BACK: We invite readers to send us comments on this or other financial news topics. Please email us at TalkBackEurope@dowjones.com. Readers should include their full names, work or home addresses and telephone numbers for verification purposes. We reserve the right to edit and publish your comments along with your name; we reserve the right not to publish reader comments.LINK...
LONDON (Dow Jones)--Fears that the Federal Reserve will submit a dovish assessment of the U.S. economy is pushing the dollar and the yen higher in Europe Wednesday.
The rise in risk aversion, which is driving global equities lower, is also helping to undermine the euro and the pound.
See chart at
http://www.dowjoneswebservices.com/chart/view/2553
Much of the negative sentiment was coming from China, where the Shanghai Composite Index fell a sharp 4.7% on the day after the country admitted that domestic growth may not be able to take up the slack of falling exports.
This is expected to add to pressure on the Fed to take a more cautious line on the economic recovery - reversing some of the optimism that was fueled by last Friday's strong U.S. non-farm payrolls data.
Even before the Chinese news, the Dow Jones Industrial Average had lost 1.0% and the Nikkei had started its 1.4% slide on the day.
The gloom was sustained by European equities with most markets losing up to 0.5%.
The dollar is not only benefiting from the rise in risk aversion but also from the latest evidence that foreign interest in the U.S. remains strong. An auction of three-year Treasury bills Tuesday not only attracted a very strong 2.89 bid-to-cover ratio but a higher-than-usual 62% of the total largely went to overseas central banks.
Another auction of 10-year bonds is due to take place shortly before the results of the Federal Open Market Committee meeting are announced at 1815 GMT.
Attention is also focused on the details of the Bank of England's latest Inflation Report. There is widespread concern that the central bank will play down recent evidence of an economic recovery to help justify its decision to extend quantitative easing last week.
The pound was already under pressure after the latest U.K. employment numbers Wednesday showed a larger-than-expected rise in the number of jobless, which implies a downside risk for consumption.
By 0915 GMT, the dollar had fallen to Y95.67 from Y95.93 late Tuesday in New York, according to EBS.
The euro was down at $1.4130 from $1.4154 and to Y135.20 from Y135.74. The dollar was down at CHF1.0809 from CHF1.0816, while the pound had dropped to $1.6455 from $1.6478.
In Eastern Europe, the euro is mostly higher, rising to HUF274.78 from HUF272.36, to PLN4.2084 from PLN4.1754 and to CZK25.837 from CZK25.793.
-By Nicholas Hastings, Dow Jones Newswires; 44 20 7842 9493; nick.hastings@dowjones.com
TALK BACK: We invite readers to send us comments on this or other financial news topics. Please email us at TalkBackEurope@dowjones.com. Readers should include their full names, work or home addresses and telephone numbers for verification purposes. We reserve the right to edit and publish your comments along with your name; we reserve the right not to publish reader comments.LINK...
FOREX-Dollar inches lower.
FOREX-Dollar inches lower vs high-yielders after Fed
Higher yielders firm after Fed says rates to stay low
* Dollar/yen steady, Japan investor repatriation moves eyed
By Kaori Kaneko
TOKYO, Aug 13 (Reuters) - The dollar slipped on Thursday after the Federal Reserve painted a less gloomy outlook for the U.S. economy but also said rates would remain low for a while, an assessment that led investors to return to commodity-linked currencies.
The Fed said it would slow the pace at which it buys Treasuries by extending the duration, but not the size, of its $300 billion programme to buy long-term government securities. [ID:nN1272730]
The U.S. central bank kept interest rates near zero and said they would likely stay there for an extended period, which dealers said scaled back market speculation that the Fed might raise rates soon.
"The Fed move basically did not have enough impact to alter the market trend of funds flowing into riskier assets," said Kazuyuki Kato, treasury department manager at Mizuho Trust & Banking.LINK...
Higher yielders firm after Fed says rates to stay low
* Dollar/yen steady, Japan investor repatriation moves eyed
By Kaori Kaneko
TOKYO, Aug 13 (Reuters) - The dollar slipped on Thursday after the Federal Reserve painted a less gloomy outlook for the U.S. economy but also said rates would remain low for a while, an assessment that led investors to return to commodity-linked currencies.
The Fed said it would slow the pace at which it buys Treasuries by extending the duration, but not the size, of its $300 billion programme to buy long-term government securities. [ID:nN1272730]
The U.S. central bank kept interest rates near zero and said they would likely stay there for an extended period, which dealers said scaled back market speculation that the Fed might raise rates soon.
"The Fed move basically did not have enough impact to alter the market trend of funds flowing into riskier assets," said Kazuyuki Kato, treasury department manager at Mizuho Trust & Banking.LINK...
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