Currency Speculation News
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Iceland’s government plans to unveil a new plan by September outlining how the island will scale back currency controls in place since 2008, Prime Minister Sigmundur D. Gunnlaugsson said.
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Iceland is tempering its goal of lifting capital controls as the new government says it will probably keep some restrictions to stop currency speculation.
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A Japanese Finance Ministry official said the government is ready to sell yen again following last week’s move if it sees speculative trades driving the currency higher.
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Taiwan’s central bank asked 65 banks for details of their foreign-currency lending to make sure exporters and importers aren’t using the loans to speculate on the local currency, an official at the monetary authority said.
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Half a century after a U.S. tax on bond purchases spawned the $3.7 trillion-a-year Eurobond market, Europe’s plan to impose a levy on financial transactions risks triggering a similar flight.
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Asian nations may undertake joint measures to prevent excessive speculation in their currencies, Thai Finance Minister Korn Chatikavanij said after the U.S. embarked on a second round of quantitative easing.
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The yield on Philippine government bonds due 2019 approached a record low after central bank Governor Amando Tetangco said authorities were considering more measures to discourage investment in special-deposit accounts.
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Philippine government bonds due 2019 advanced, pushing the yield to a record low, on speculation more investors will shift money to fixed-income securities from the central bank’s special-deposit accounts.
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Philippine 25-year government bonds fell, halting a four-day gain, on speculation a 33 basis point drop in yields this month made the debt expensive. The peso rose for a second day.
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The Philippine peso declined for a fourth day, the longest stretch of losses this year, on concern the central bank will curb appreciation to support exports and shore up the value of remittances from overseas workers.
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