Archive for Currency

16 May, 2008 | No comments

Gulf Reserves Swell to $1.6 Trillion

While the soaring price of oil and subsequent buildup of reserves have garnered the attention of currency analysts to the MidEast, it is China and its $1.2 Trillion which generates the majority of forex reserves commentary. However, this may soon change. In a recent report, The Institute of International Finance noted that the collective foreign exchange reserves of the six-member Gulf Cooperation Council now total $1.6 Trillion. Further, as the price of oil predictably increases over the summer, the reserves will only grow larger, which should ensure that the region remains a mainstay of forex punditry. The Financial Times reports:

The UAE, Saudi Arabia and Kuwait account for the bulk of the GCCs $1,550bn of foreign asset holdings, according to the IIF. The overall holdings represented 225 per cent of the GCCs grossdomestic product.

Read More: http://www.ft.com/cms/s/b6faf9c4-0fac-11dc-a66f-000b5df10621.html

16 May, 2008 | No comments

John Lewis week to Feb 24 dept store sales up 4.6 pct; Waitrose up 7.1 pct

LONDON (AFX) - John Lewis Partnership, the employee-owned retailer, said week to Feb 24 sales at its 26 UK department stores rose 4.6 pct to 44.6 mln stg, while sales at its chain of 184 Waitrose supermarkets increased 7.1 pct to 71.1 mln stg.

Total partnership sales rose 6.0 pct to 116.1 mln stg.

“The final week of February saw a sound uplift on last year, which would have been boosted further had some additional sales for John Lewis.com been included,” said Rob Collins, selling support director of John Lewis.

“Trade did tail off slightly towards the end of the week, particularly on Saturday when rugby matches were clearly proving an attractive alternative to shopping,” he added.

Six Nations rugby also disrupted trade at Waitrose, with some stores failing to reach budget, although there were some strong individual results.

newsdesk@afxnews.com

ml/tc

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16 May, 2008 | No comments

Bernanke Hints Rate Cuts

In testifying before the Senate Budget Committee, Ben Bernanke, Chairman of America’s Federal Reserve Bank, hinted strongly that further rate cuts would be necessary to stabilize the US economy. Last week, the Forex Blog covered an editorial which suggested that Bernanke knew something about the state of the economy that the American public did not, which his testimony seemed to confirm. Bernanke testified that the Fed is also committed to fighting inflation, but the emphasis was clearly on spurring economic growth. As a result, futures markets are pricing in a rate cut of 50 basis points, projected for the next month. The forex markets were unambiguous about the implications of this development for the Dollar. Thomson Financial reports:

‘By highlighting the downside risks to growth, Bernanke confirmed prevailing aggressive rate cut speculation, which currently keeps the dollar under broad pressure,’ said Antje Praefcke, currency strategist at Commerzbank.

Read More: «www.thomsonfxhub.com»

16 May, 2008 | No comments

China Q1 retail sales up 14.9 pct yr-on-yr at 2.119 trln yuan - stats bureau

BEIJING (XFN-ASIA) - China’s retail sales increased 14.9 pct year-on-year in the first quarter to 2.119 trln yuan, the National Bureau of Statistics said in a statement.

Retail sales rose 12.8 pct in the first quarter last year.

The National Development and Reform Commission has previously said retail sales are likely to rise 12 pct this year.

sean.mangieri@xfn.com

16 May, 2008 | No comments

India Jan industrial output up 10.9 pct yr-on-yr

NEW DELHI (XFN-ASIA) - Industrial output rose 10.9 pct in January from a year earlier on the back of 11.6 pct expansion in the manufacturing sector, the Central Statistical Office said.

For the first 10 months of the current fiscal year to March, industrial production was up 11 pct over the corresponding period in the previous fiscal year.

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