Currency Foreign Trading
Let's debate cold, hard factsMaybe our extreme weather in recent weeks will have turned more people into climate change believers. And, conversely, more people into sceptics. How can cold and wet have anything to do with global warming, the latter will protest.
The sceptics better believe. The weather is unfolding just as Niwa predicted in its climate change analysis. More violent weather patterns are a consequence of global warming. It is already taking a toll on agriculture and infrastructure. We should be worried - a lot. Among developed countries, we are by far the most dependent on the primary sector, the economic activity most vulnerable to climate change. Overall the primary sector generates about 17 per cent of our GDP, 15 times the contribution found in most other developed countries. Spencer in the big leagueMichael Spencer founded Icap 20 years ago and last week it entered the FTSE100 index. In an exclusive interview with Sylvia Pfeifer, he reveals his views on the future of the City Anyone wanting a ticket for next weekend's World Cup Final will need to pay over the odds - but perhaps not as much as Michael Spencer, the flamboyant boss of Icap, the broking group. The price of Spencer's ticket includes a hefty gift for his wife: the match is being played on his wedding anniversary, necessitating the purchase of an expensive peace offering - and Spencer's agreement to take their two sons. But Spencer will not be overly concerned by the cost. Not only is he one of the City's wealthiest individuals, with a personal fortune estimated at more than £700m, but also last week the company he founded 20 years ago broke into the elite club of Britain's 100 biggest quoted companies, the FTSE100 index.Forex - Dollar well-bid amid speculation of strong US labour ...LONDON (AFX) - The dollar was well bid amid speculation that the crucial US labour market report due Friday will come in strong, in turn boosting expectations of an August rate hike. 'Expectations that a robust US employment report will ensure an August rate hike and renewed pressure on emerging market currencies and equities have created a more dollar supportive backdrop,' said Steve Pearson, chief currency strategist at HBOS. Yesterday the forecast from ADP Employer Services indicated that US companies added some 368,000 jobs in June. The robust ADP data pushed up expectations for the non-farm payrolls figure to above 200,000 from 160,000. In May only 75,000 jobs were created. 'Should this upbeat estimate be reflected in an equally strong print for tomorrow's labour payrolls release, then it is possible that any conclusions pertaining to the resumption of the dollar long-term downtrend may have to be temporarily postponed once more,' said Neil Mellor at the Bank of New York. Dollar falls further after Fed signals rate pauseTOKYO (Reuters) - The dollar hit a three-week low against the euro on Friday, extending losses after the Federal Reserve gave the clearest signal yet it may soon take a break from a two-year campaign of nonstop interest rate increases. The Fed said slowing economic growth should help rein in inflation after it lifted overnight rates for a 17th straight time to 5.25 percent, as widely expected. Building expectations that the Fed could raise rates to 5.5 percent in August had driven the dollar to two-month highs against major currencies in the past week. "People have got caught long on dollars at very wrong levels," said Luke Waddington, head of forex trading at Royal Bank of Scotland in Tokyo. "We're trading on interest rates," he added. (AFX UK Focus) 2006-07-06 10:01 GMT: FFastFill signs up unnamed new global bank clientLONDON (AFX) - Financial trading software servicing company Ffastfill PLC said it has won a contract with a global bank for its CME FX on the Reuters service, without naming the bank or giving financial details. The service allows traders using Reuters Dealing 3000 service to also trade Chicago Mercantile Exchange's FX futures contracts. This brings the number of major institutions using the service to eight, the company said. newsdesk@afxnews.com jc1/joy
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Copyright AFX News Limited 2005. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited .ECB President Hawkish Comments Strengthen Euro Against Other ...(RTTNews) - The Euro remained strong against other major currencies Thursday in New York trading. This came as the European Central Bank held interest rates at 2.75%. However, hawkish comments by ECB President Jean-Claude Trichet caused speculation that the central bank may soon lift rates more aggressively than anticipated. The European currency advanced against its U.S. counterpart throughout much of the day. The Euro showed early gains against the greenback amid the release of German factory order data. The pair pushed up further following Trichet's remarks and weaker-than-expected U.S. ISM non-manufacturing data. As of 2:25 pm ET, the Euro was worth 1.2775 dollars. Meanwhile, the Euro remained range-bound against the Swiss franc. The European currency made early advances against its Swiss counterpart in the small morning hours. |