Central bank chiefs of the Asian Clearing Union (ACU) have agreed to introduce the Euro alongside the U.S. dollar for settlement of payments among the member countries beginning January, 2009.
The decision was made at the 37th ACU board of directors meeting held in Nay Pyi Taw, administrative capital of Myanmar, on June 17-18, officials said in Dhaka on Sunday.
'The ACU board has agreed in principle to allow Euro as an alternative currency alongside the U.S. dollar from January, 2009 aiming to make the payment system easier,' Bangladesh Bank (BB), the country's central bank, Governor Salehuddin Ahmed told AHN along with a group of reporters in the capital, Dhaka on the day after returning from Myanmar.
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Showing posts with label Us Currency. Show all posts
Showing posts with label Us Currency. Show all posts
Thursday, June 26, 2008
Monday, June 23, 2008
What's behind the dollar's decline in value?
Some say it's epochal, others merely cyclical. But part of it boils down to supply and demand: The world is awash in dollars these days.
The dollar has lost a big chunk of its global purchasing power since the end of 2001 -- an average of 37%, as measured by one index that tracks the greenback against other major currencies.
Gauging the decline is easy; explaining why the buck has slumped is much more complicated.
Some theories about the dollar's fall are grand in scale: for example, the concept that the buck's fate is a symptom of a fading U.S. empire.
Other explanations are largely technical, including the idea that currency values are cyclical, and that the dollar's downswing inevitably will give way to an upswing.
On some level, the dollar's shift has to be about basic supply and demand. The price of anything usually will decline if there is an excess of it in the marketplace.
Read Complete Story
The dollar has lost a big chunk of its global purchasing power since the end of 2001 -- an average of 37%, as measured by one index that tracks the greenback against other major currencies.
Gauging the decline is easy; explaining why the buck has slumped is much more complicated.
Some theories about the dollar's fall are grand in scale: for example, the concept that the buck's fate is a symptom of a fading U.S. empire.
Other explanations are largely technical, including the idea that currency values are cyclical, and that the dollar's downswing inevitably will give way to an upswing.
On some level, the dollar's shift has to be about basic supply and demand. The price of anything usually will decline if there is an excess of it in the marketplace.
Read Complete Story
Wednesday, June 18, 2008
Recession Causes Dollar To Struggle Against Foreign Currencies
The dollar traded near a one-week low against the euro as investors bet the Federal Reserve will keep interest rates unchanged next week, while the European Central Bank will increase borrowing costs in July.
The U.S. currency was also near its lowest in a week against the yen after reports in the U.S. yesterday showed housing starts fell in May to a 17-year low and industrial production unexpectedly declined. The British pound fell as minutes from the Bank of England's last meeting showed members voted 8-1 to keep rates unchanged.
``Fed watchers are raising doubts that the Fed may not be as aggressive as the market thinks,'' said Antje Praefcke, a Frankfurt-based currency strategist at Commerzbank AG, Germany's second-biggest lender. ``We've also had hawkish comments supporting the euro.''
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The U.S. currency was also near its lowest in a week against the yen after reports in the U.S. yesterday showed housing starts fell in May to a 17-year low and industrial production unexpectedly declined. The British pound fell as minutes from the Bank of England's last meeting showed members voted 8-1 to keep rates unchanged.
``Fed watchers are raising doubts that the Fed may not be as aggressive as the market thinks,'' said Antje Praefcke, a Frankfurt-based currency strategist at Commerzbank AG, Germany's second-biggest lender. ``We've also had hawkish comments supporting the euro.''
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Monday, March 24, 2008
Euro lower against the dollar at US$1.5381
The euro was lower against the U.S. dollar Monday after the sales of existing U.S. homes posted an unexpected increase in February, giving the dollar some strength on a day that most financial markets in Europe were closed for the Easter holidays.
The 15-nation currency bought US$1.5381 compared to US$$1.5443 in trading Friday when markets were closed for the start of the holiday, pushed lower by the U.S. housing report.
The National Association of Realtors said that sales of existing homes rose by 2.9 percent in February to a seasonally adjusted annual rate of just more than 5 million units. In the previous six months, sales had fallen, something analysts had been expecting again last month.
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The 15-nation currency bought US$1.5381 compared to US$$1.5443 in trading Friday when markets were closed for the start of the holiday, pushed lower by the U.S. housing report.
The National Association of Realtors said that sales of existing homes rose by 2.9 percent in February to a seasonally adjusted annual rate of just more than 5 million units. In the previous six months, sales had fallen, something analysts had been expecting again last month.
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Canadian Dollar Rebounds From Two-Month Low as Stocks Advance
Canada's dollar rebounded from a two-month low against the U.S. currency, as rising stock prices bolstered investor confidence in the U.S. economy, the biggest consumer of Canadian exports.
The Canadian dollar strengthened against 10 of the 16 most- traded currencies, gaining about 1.8 percent against the Swiss franc and 1.4 percent against the yen. Traders resumed buying high-yielding assets as U.S. stocks rose for a second day after JPMorgan Chase & Co. increased its bid for Bear Stearns Cos., reducing risks in financial markets. Canada's benchmark index advanced 2 percent.
``Stocks have shown us the way today,'' said Steve Butler, director of foreign exchange trading at Scotia Capital Inc. in Toronto. ``It's a feel-good factor that is helping the currency.''
Canada's dollar rose 0.2 percent to C$1.0208 per U.S. dollar in Toronto at 11:26 a.m. from C$1.0233 on March 21. Earlier it fell to C$1.0309, the lowest since Jan. 23. One Canadian dollar buys 97.97 U.S. cents.
Friday, March 21, 2008
Dollar Set for Weekly Gain on Fed Steps to Restore Confidence
The dollar headed for the first weekly advance against the euro and the yen in a month after the Federal Reserve's decision to accept more collateral for loans eased concern about banks' access to capital.
The U.S. currency rose against the pound and the Swiss franc this week after the Fed made an emergency cut to the rate it charges banks to borrow and said it would swap Treasuries for mortgage-backed securities. The Fed also lent $28.8 billion to U.S. securities firms, its first extension of credit to non-banks since the Great Depression.
``The dollar is enjoying a bounce,'' said Hideki Amikura, deputy general manager of currencies at Nomura Trust and Banking Co. in Tokyo, a unit of Japan's largest brokerage. ``The Fed is working to restore confidence. U.S. investment bank earnings weren't as dire as some predicted.''
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The U.S. currency rose against the pound and the Swiss franc this week after the Fed made an emergency cut to the rate it charges banks to borrow and said it would swap Treasuries for mortgage-backed securities. The Fed also lent $28.8 billion to U.S. securities firms, its first extension of credit to non-banks since the Great Depression.
``The dollar is enjoying a bounce,'' said Hideki Amikura, deputy general manager of currencies at Nomura Trust and Banking Co. in Tokyo, a unit of Japan's largest brokerage. ``The Fed is working to restore confidence. U.S. investment bank earnings weren't as dire as some predicted.''
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