Daragh Maher News
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The pound strengthened from a six- week low against the dollar after an industry report showed U.K. home sellers raised asking prices to a record, adding to optimism Britain’s economy is improving.
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The euro fell for the first time in five days against the dollar after European Central Bank President Mario Draghi said policy makers may take the unprecedented step of charging banks to hold excess reserves.
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Deutsche Bank AG, the world’s biggest currency trader, and HSBC Holdings Plc, Europe’s largest bank by assets, are both predicting Sweden’s krona has further to rise.
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Policy makers in Sweden and Norway are struggling to pound down their currencies through verbal beatings as a search for yield replaces haven demand.
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The yen climbed versus all of its 16 most-traded peers amid speculation a decision tomorrow by the Bank of Japan will signal its monetary-easing efforts will fall short of its goals and fail to reignite inflation.
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The pound dropped for a second week against the dollar after Moody’s Investors Service cut the U.K.’s AAA credit rating and Bank of England Governor Mervyn King’s indicated he backed more economic stimulus.
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The foreign-exchange market is signaling more pain ahead for currencies that benefit from a sustained global recovery, five years after the onset of the worst financial crisis since the Great Depression.
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Credit Suisse Group AG’s decision to charge depositors on their Swiss franc accounts has had reverberations further north.
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With the euro facing one of the most pivotal months in its 13-year history, traders and strategists are more divided than at any time since 2011 over whether officials will be able to keep the currency from tumbling.
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The pound rose the most in seven months versus the dollar on speculation Qatar will invest in infrastructure projects, boosting demand for sterling amid calls for growth-based policies in the government’s annual budget.
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