Foreign Transfers - BestExchangeRates Research
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The New Zealand dollar jumped by three-quarters of a percent against many of the majors on Wednesday evening after the latest election poll showed a clear swing in public opinion back towards the incumbent National Party. New Zealand’s general election will take place in three days’ time, on Saturday September 23rd.
NZD/USD is now seen at a six-week high close to 0.7315 and NZD/AUD at a four-week high of 0.918. View article >
In retaliation to US sanctions, in its latest weekly report Venezuela’s oil ministry has published prices for the country’s petroleum products in Chinese yuan, rather than US dollars. One barrel of Venezuelan oil will now cost buyers CNY 306.26 – equivalent to USD 46.76.
Venezuela has the largest proven oil reserves in the world, at 300 billion barrels. The oft-touted “king of oil,” Saudi Arabia, has only 266 billion barrels. View article >
New forecasts from Dutch bank ABN Amro see continued weakness in the US dollar heading into and throughout 2018.
“We have a strong conviction that the US dollar has entered a multi-year downtrend,” said ABN’s Georgette Boele.
The dollar will be hardest hit against “growth sensitive and commodity currencies,” according to the bank, which include the Australian dollar, New Zealand dollar, Canadian dollar, Norwegian krone and Swedish krona. View article >
The British pound rose on Friday to its highest level against the dollar since the UK’s historic ‘Brexit’ vote in June of last year.
By lunchtime in London, the pound was buying $1.3616, capping a brilliant fortnight in which it has risen from rates close to $1.29. On minor profit taking, the currency settled back at $1.3583, for a weekly gain of 3.1%. View article >
Investors were rattled on Friday morning following the news that North Korea had launched another missile over northern Japan. After traversing the island of Hokkaido, the missile is said to have travelled a further 1200 miles before landing in the Pacific Ocean.
The North Korean regime preceded its test with statements that it would “sink” Japan and reduce the United States to “ashes and darkness.” The comments were made in response to new UN sanctions which restrict oil imports and textile exports in the hope of starving the regime of fuel and income. View article >
The Malaysian ringgit is set to appreciate against the US dollar to 4.1 by the end of next year’s first quarter, according to the team at BMI Research.
The dollar-ringgit exchange rate (USD/MYR) had averaged 4.285 in the months of July and August but has fallen sharply (the ringgit has risen) in the first half of September.
In a move that likely piggybacked off strength in the Chinese yuan, the ringgit rallied to a one-year high on September 8th when USD/MYR fell to just 4.18. View article >
The Singapore dollar has begun the week cautiously.
Against the US dollar, having risen on Friday to a one-year high of 0.7493, the currency of Asia’s ‘Lion City’ conceded some ground on Monday and Tuesday, with SGD/USD falling back below 0.745. A retreat in the pair was likely given last week’s approach to major technical resistance at 0.75 and Hurricane Irma’s last-minute detour which thankfully spared the US from a worst-case impact. View article >
The New Zealand dollar sank on Monday morning against the other FX majors amid uncertainty over New Zealand’s future government and on the back of a continuation in weak sales data.
Advanced voting in New Zealand’s general election begins on Monday, ahead of election day on September 23rd, and while polls indicate no clear favourite, the latest poll does finally place Labour ahead of the incumbent National Party by a margin of 4 points (43 to 39). View article >
The trading week ended as it began, with investors selling the dollar and seeking the safety of the yen and Swiss franc.
This time, rather than North Korea, investors have been unnerved by Hurricane Irma – a potentially deadly storm, likely to reach Florida on Saturday evening, that is expected to cause significant economic damage.
Irma’s current maximum wind speed, as measured by an Air Force Hurricane Hunter aircraft, is 155mph (240kph) according to Weather.com – more than enough to break trees in half and tear roofs from buildings. View article >
So much for currency manipulation. The Chinese yuan surged against the US dollar on Thursday, forcing USD/CNY below 6.45 for the first time since December 2015. The dollar had fetched as many as 6.96 yuan in January.
The yuan has started September extremely brightly, picking up where August left off. With only five trading days of the month in the books, the yuan is already up 2.2%, exceeding August’s gain of 2.1%, which itself marked the yuan’s best monthly performance since China scrapped its fixed dollar peg in July 2005. View article >