currency rate

US Treasury Secretary Timothy Geithner told a G20 meeting that tightly controlled exchange rate regimes are the main problem in the international monetary system while the solution to it is rather simple.

Addressing the attendants of the Chinese hosts of the seminar of the Group of 20 wealthy and developing economies Geithner noted that countries should have flexible exchange rates and permit free flows of capital to be major players in the global currency order.

World’s leading banks involved in currency trading are trying to regain lost ground in the forex market through the consolidated effort to launch a banks-only dealing system, according to the report by Wall Street Journal, who cited unnamed sources familiar with the case.

It is the major move taken by leading banks to regain lost ground since access to EBS, the largest forex dealing system, was opened to hedge funds and other non-banking financial players like high frequency traders in 2005, the Journal said. EBS is owned by Icap PLC (IAP.L), the interdealer broker.

In late Asian trades on Wednesday most major currencies went sideways irrespective of the worries raised by the tension in Korea and lingering doubts about the rescue package to Ireland.

However, the Australian, New Zealand and the Canadian dollars gained earlier and these pairs too traded choppy later.

The U.S. dollar is currently worth 1.3397 against the euro, 0.9955 against the franc, 1.5813 against the pound, 1.0193 against the Canadian dollar, 0.9800 against the Aussie, 0.7636 against the New Zealand dollar and 83.17 against the yen.
 

In early European deals on Monday the UK sterling recovered against most major currencies regaining from an Asian session's 12-day low against the euro.

The British pound advanced against the currencies of U.S. and Japan in early European deals on Monday. As of now, the pound is worth 134.14 against the yen and 1.6079 against the dollar, up from Friday's close of 133.40 and 1.5986, respectively. If the pound climbs further, it may likely target 134.3 against the yen and 1.610 against the dollar.

During early Asian deals on Thursday the US dollar slipped down versus major counterparts as a weaker- than -expected reading on U.S. inflation supported the Fed's policy of quantitative easing. The dollar fell to a 2-day low against the euro, franc, Aussie and the NZ dollar.

The dollar slipped against the euro in Asian session on Thursday. The euro-dollar pair that closed yesterday's trading at 1.3529 is presently worth 1.3603. This set a 2-day low for the dollar. The next downside target level for the dollar is seen at 1.366.

In early Asian trades on Thursday the Japanese yen declined versus major currencies as a rally in some Asian stocks prompted traders to dump the lower-yielding yen and move into some risky assets. The yen slipped to a 2-day low against the currencies of Europe, Switzerland, Australia and New Zealand.

The Swiss franc advanced against its major counterpart during early deals in Europe having recovered against the pound after hitting a 2-day low at 4:30 am ET.

The Japanese yen appreciated in early Asian trades as a fall in Asian stocks prompted traders to seek the safe-haven Japanese currency.

In Asian session on Friday, the Japanese yen gained to a 2-day high of 84.31 against the Swiss franc at 6:50 pm ET. Since then, the pair showed choppy trading. If the yen gains further, it may likely target the 83.7 level. The yen that closed yesterday's deals at 84.61 against the franc is presently trading at 84.41.

In early European deals on Wednesday the UK sterling soared sharply against major counterparts as the Bank of England released its quarterly inflation report at 5:30 am ET, which showed that the nation's CPI is expected to stay above the 2% target in 2011.

The pound that showed choppy trading against the yen in Asian deals and in early European session on Wednesday spiked up at 5:30 am ET. The pound-yen pair is currently trading at a 2-day high of 131.44 with 131.8 seen as the next upside target level. The pair closed yesterday's trading at 130.63.

The greenback continued its uptrend against major European counterparts in early Asian deals on Tuesday.

The greenback touched an 11-day high of 1.3849 against the euro, improving from Monday's New York session closing value of 1.3921 and the next upside target for the domestic unit is likely to be seen at 1.3740.

The dollar also advanced to a 6-day high of 1.6070 against the pound and a 5-day high of 0.9686 against the Swiss franc and this may be compared to Monday's New York session closing values of 1.6142 and 0.9663, respectively.

During early trades in Asia the Japanese yen grew to its multi-day highs against other major currencies on the heels of a decline in most Asian stocks.

The yen that showed choppy trading against the dollar in early Asian deals on Tuesday edged up after 9:20 pm ET. The yen is currently trading at a 4-day high of 80.80 per dollar with 80.6 seen as the next upside target level. At yesterday's close, the dollar-yen pair was quoted at 81.20.

Driven by the strong US jobs data the US dollar climbed up during early Monday deals in Asia, reaching multi-day highs against most major currencies.

The US economy generated more than 150,000 jobs in October, with significant positive revisions to the jobs data from the previous two months, the Labor Department revealed Friday.

Non-farm payrolls rose by 151,000 in October, higher than the 60,000 gain expected by Wall Street economists.

During Friday trades in Asia the Swiss franc moved up as investors flee to safe-haven currencies ahead of US non-farm payroll data. Thus, the franc jumped to a fresh multi-week high against the US dollar and new multi-day highs versus the rest of majors.

The Swiss franc climbed to a 10-day high of 1.3574 against the euro, well away from Monday's fresh 2-1/2 month low of 1.3837 and up 0.3 percent from yesterday's close of 1.3618. On the upside, the Swiss franc may find target around the 1.33 level.

During European session the US dollar weakened against some majors as stocks and commodities climbed after the Federal Reserve's decision yesterday to provide further economic stimulus.

The dollar weakened against the euro during early European deals on Thursday. As of now, the dollar is trading at 1.4241 against the euro, its lowest level since January 19, 2010. The next downside target level for the dollar is seen at 1.460. At yesterday's close, the euro-dollar pair was quoted at 1.4137.

In early European deals on Thursday the euro rose to a 4-week high against the yen, more than a 9-month high against the dollar and a 9-day high against the pound as investors look forward to the European Central Bank's interest rate announcement.

In European session on Thursday, the euro gained to a 4-week high of 115.14 against the Japanese yen at 4:50 am ET. If the euro's uptrend continues, it may likely target the 115.7 level. The euro-yen pair that closed yesterday's deals at 114.65 is now worth 115.05