The US Treasury sold $24 million in 10 year notes in August in line with market rates amid tapering expectations. The high yield reached 2.62%, but the bid-to-cover ratio fell to 2.54. In Great Britain, Claimant Count Change The number of Britons claiming unemployment benefits continued to fall in August, down by 29,200, far better than the 14,300 drop projected by analysts. This time, another decline resource of 21,200 is expected. More in Great Britain, Average Earnings Index Also in the UK, Unemployment Rate remained 7.8% in August, in line with market predictions. The rate is expected to remain unchanged.
Forex Card: Best Choice for Foreign Trips
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Japan will have two long weekends in a row while China and Korea will also have holidays next week. The euro’s rally against the yen has also cooled off. It slipped to 132.47 yen from a 16-week high around 133.37. The Australian dollar fell 0.6 percent to $0.9267, after data showed a surprise drop in Australia’s payrolls and a rise in the jobless rate to a four-year high. “The dismal reading signifies a further deterioration in the local labour market and signals the need for the RBA to remain accommodative for the near-term,” said David de Ferranti, market analyst at FXCM. The New Zealand dollar had a better luck, however, after the Reserve Bank of New Zealand said interest rates will probably need to rise next year.
FOREX-Dollar under duress as markets temper Fed taper view
“Markets are positioned for the Fed to taper… any attempt to reduce stimulus from the current $85-billion-per-month will probably be done modestly,” said Niels Christensen, FX strategist at Nordea. A Reuters poll on Monday showed economists expect the Fed to announce a moderate reduction to its $85 billion monthly asset-buying programme by some $10 billion. The euro was down 0.1 percent at $1.3257 but still well above the seven-week low of $1.31045 hit last Friday.
FOREX-Yen struggles vs euro, dollar as Syria tensions subside
President Barack Obama pledged on Tuesday to explore a diplomatic plan from Russia to take away Syria’s chemical weapons, although he voiced skepticism about it and urged Americans to support his threat to use military force if needed. A string of solid data out of China this week reinforced expectations that the world’s No. 2 economy is stabilizing after slowing for more than two years. The euro was down 0.1 percent at 133.07 yen, having hit a an intra-day peak of 133.36 yen, its highest since May 22. Sterling rose 0.2 percent to 158.20 yen. Better-than-expected economic data and improving market sentiment has helped the single currency lately, but analysts at Morgan Stanley warned the euro’s strength could be short-lived and they remain sellers on any rallies.
FOREX-Dollar trades near two-week low on Fed outlook
Mumbai: Forex card is like a prepaid card. Forex card can be used abroad to pay bills in restaurants, tourist places and shopping malls instead of cash. It is also possible to draw foreign currency with this card. HDFC, State Bank of India, ICICI Bank, Standard Chartered bank and Axis bank are issuing Forex cards. Few banks are also offering single card for several currencies. ING Vysya bank is offering multiple Forex card for four currencies. Axis bank also introduced co-branded travel card for students. Form A2 has to be used for applying to Forex card. It is also required to submit the passport copy along with the application. The maximum amount for which the card is needed has to be informed to the bank. The money paid to the bank will be saved in the card and the card can be used immediately. Card holder on tour to foreign countries can deposit a maximum of $10,000 dollars and those who are travelling abroad for business purposes can deposit up to $25,000 in the card Many may feel that it is not necessary to take Forex card as they are having debit and credit cards. But there is a difference between them. Service charges up to three percent are collected every time debit or credit cards are used. If the cards are used in foreign countries without informing the bank, the cards may get blocked. Whenever debit or credit cards are used abroad, banks collect 2.5 to 4 percent conversion charges.