Dollar rates vs other countries, China Currency Dips to Lowest Level Versus Dollar in 8 Years
China’s central bank set the value of the yuan at the currency’s lowest level against the U.S. dollar in more than eight years on Friday.
The “parity rate” for the yuan, also known as the “renminbi,” or people’s money, was set at 6.9168, its lowest level since June 2008.
It was at 6.9184 by midday. The U.S. dollar has surged against other currencies since Donald Trump won the Nov. 8 presidential election. By midday Friday the dollar was trading at 113.67 yen, its highest…
As Egypt Floats Its Pound, Dollar Seekers Confused
Egypt’s surprise decision to float its pound currency on Thursday prompted confusion
and uncertainty among Egyptians trying to buy or sell dollars and long accustomed to a stable official exchange rate.
Egypt’s central bank floated the pound early on Thursday, devaluing it by almost a third against the dollar in an initial move hailed by bankers and the IMF as a big step toward balancing its markets and attracting investment. “The value of the dollar changed four times since I…
US Markets Enter End-of-summer Quiet Period
U.S. equities took a breather this week as the major averages consolidated a bit following recent gains
and new all-time highs in the S&P 500, Dow Jones Industrial Average and Nasdaq.
The dollar traded higher due to more hawkish language out of the Federal Reserve suggesting a rate hike may be in the cards by the time 2016 closes out.
As a result, USD sensitive commodities such as gold and silver moved lower. Trading week ahead Volume and action should be relatively quiet through…