Paul Mackel News
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Yuan forwards are trading at the biggest discount to the spot rate in four years and the top Dim Sum debt underwriters predict a halt to appreciation.
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Australia’s dollar and government bond yields climbed amid signs that a slowdown in China is bottoming out, easing concern demand for commodities will decrease in Asia’s biggest economy.
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Thailand’s baht dropped to a four- month low before a review today at which the central bank is forecast to cut borrowing costs for the first time since October.
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India’s rupee fell to the lowest level in 10 months on concern U.S. policy makers will rein in stimulus measures as the world’s largest economy recovers.
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Australia’s dollar fell to an 11- month low after the premium the nation’s bonds offer over U.S. debt shrank to the least in a year, sapping the allure of the currency as a higher-yielding asset.
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Concern the U.S. fiscal situation will deteriorate may push the dollar down versus the euro and the yen, according to HSBC Holdings Plc, Europe’s biggest bank.
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The yuan fell in Hong Kong’s offshore market by the most in 15 months and the onshore spot rate retreated from a 19-year high as China stepped up scrutiny of cash transfers from abroad.
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The yuan strengthened the most this year as Premier Li Keqiang pledged to come up with a plan this year that would allow investment capital to move more freely in and out of China.
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Investors should buy the pound against the euro on speculation the Bank of England will raise interest rates “well before” the European Central Bank, according to HSBC Holdings Plc.
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China’s yuan advanced to a 19-year high after the central bank set a record reference rate for the currency amid signs capital inflows are gathering pace.
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