El dólar avanza levemente contra el euro | |
NUEVA YORK (Reuters) — El dólar subió levemente el miércoles y tocó su mayor nivel ante el euro desde enero, debido a las crecientes expectativas de que la economía de Estados Unidos tenga un mejor desempeño que la europea. Más temprano, el dólar extendió brevemente sus ganancias ante el euro tras la publicación de un reporte gubernamental que mostró que los pedidos fabriles en Estados Unidos aumentaron más de lo esperado en julio, sumándose a los indicios de resistencia de la economía del país. Los datos "completan el cuadro de una moderada recuperación de la economía estadounidense", dijo Joseph Trevisani, jefe de analistas de mercado de FX Solutions, en Saddle River, Nueva Jersey. "Con todo, apoyarán al dólar a largo plazo", agregó. En contraste, unos datos de la zona euro el miércoles dejaron al descubierto un debilitamiento de la economía en la región. Las ventas minoristas del bloque cedieron y otros reportes confirmaron que la economía de la zona euro se contrajo durante el segundo trimestre. Esta es la primera pérdida trimestral de la que se tiene registro desde que se inició el índice, en 1995. En las últimas operaciones en Nueva York, el euro cayó un 0.1% ante el dólar y se cotizó a 1.4505 unidades tras bajar a un mínimo de 1.4386 durante el día, su nivel más bajo desde el 22 de enero. Por otra parte, el índice dólar, que mide el desempeño de la divisa ante una cesta de seis monedas principales, llegó a tocar un máximo en 11 meses de 78.651 antes de ceder levemente, para cotizarse estable en 78.023. En tanto, una nueva baja en los precios del petróleo, que se han desplomado esta semana luego de que el impacto del huracán Gustav sobre las plataformas energéticas del Golfo de México fuera limitado, también benefició el desempeño de la moneda estadounidense. "El dólar nuevamente reafirmó su estatus como la reina de las divisas, estimulado por las continuas bajas en los precios del petróleo y del oro", escribió Boris Schlossberg, estratega cambiario de GFT Forex, en una nota. Según analistas, los inversionistas están recurriendo cada vez más al dólar como un refugio seguro para colocar su dinero en comparación con otras monedas cuyos países están más retrasados en términos de reajuste económico tras la crisis global de crédito. "Esta semana, claramente siguió una sólida historia para el dólar", dijo Vassili Serebriakov, estratega cambiario de Wells Fargo en Nueva York. "Aún nos queda ver la liquidación de varias posiciones cortas en dólares restantes", agregó. Un reporte de la Reserva Federal sobre las condiciones económicas en Estados Unidos no tuvo mayor impacto en los mercados. El informe, conocido como el Libro Beige, arrojó que la actividad económica continúa lenta en el país, pero también indicó que ha habido cierto alivio en los precios de la energía y las materias primas. | |
El dólar avanza levemente contra el euro
The Striding Men
The Striding Men
Hundreds of financially disadvantaged post matric students selected through academic and leadership qualities to study at Tertiary School in Business Administration (TSiBA) at no cost, will benefit further from a new bursary scheme set up by one of SA’s top entrepreneurs.
Zithulele ‘KK’ Combi, founder and chairman of forex group Master Currency and investment group Thembeka Capital, has created a special bursary fund to help students at TSiBA from his prize in the national Striding Man competition.
Combi was selected by an independent panel of judges for his courage, determination and success despite massive challenges in his life and won the Johnnie Walker’s Search for the Striding Man competition and its R1-million prize package.
Included in the prize was R500 000 with which to start a new bursary fund, a lavish party to celebrate his success with friends and family as well as a R200 000 limited edition Johnnie Walker Blue Label 1805 anniversary blend - one of only 200 bottles produced worldwide to mark the 200th birthday of founder John Walker.
But, he decided instead to hold a small intimate party to celebrate his winning and donated a further R200 000 to the bursary scheme instead.
Leigh Meinert, Managing Director of TSiBA says the bursary fund will make a huge difference in the lives of the college students, many of whom find it very hard to complete their studies because they cannot afford to live without earning while studying.
The college, which was started in Cape Town in 2004, gives school leavers a chance to jump ahead in life through its practical and recognised qualification. All the tuition fees and books are paid for by private and corporate sponsors.
Students read for a Foundation Year Certificate in Business Administration followed by an enriched Bachelor in Business Administration focused on Entrepreneurial Leadership. TSiBA specifically targets scholars and potential students that would otherwise not have access to tertiary level education, by offering successful applicants full tuition scholarships.
The institution was selected by Combi, who grew up a determined young man on the streets of Gugulethu, bent on making up for what his parents had lost through apartheid. He never had the opportunity to attend university and says he chose TSiBA because of its different approach to tertiary education and the fact that it provides opportunities for both black and coloured students.
“My wish is that this will go a long way towards building a non-racial and better skilled province in the future,” said Combi.
Combi started out as a small café owner and then built one of the first township shopping centres, later selling this to become one of the biggest SA forex dealers in the billion dollar global currency market.
A celebrated non-conformist, he proved his courage and pioneering spirit by breaking the SA banking community’s monopoly on forex dealings by setting up an independent dealership called Master Currency.
He then went on to establish a broad-based black owned and controlled investment capital group called Thembeka, which focuses on private equity investments and BEE transactions.
Combi’s determination and drive was evident even during his school days, when his admittedly autocratic leadership of the school debating team earned him the nickname “KK” after the former Zambian president, Kenneth Kaunda.
Phumza Rengqe, Johnnie Walker Brand Manager and sponsor of the competition, said the brand was very happy with Mr Combi’s choice of institution.
“We salute him for selecting a business school like TSiBA which is focused on teaching entrepreneurship and leadership for emerging leaders.”
“The search for the Striding Man is one of the most pioneering and exciting initiatives the brand has ever embarked on,” she added.
Pakistan’s forex reserves down to $4 bn in real terms
| Pakistan’s forex reserves down to $4 bn in real terms |
 |
|
|
| ISLAMABAD: In a shocking situation, Pakistan is now left with foreign exchange reserves of only $4 billion, in real terms, enough to cater for the import of one month, a senior government official at the Ministry of Finance told The News. The total forex reserves stand at $8.89 billion, out of which commercial banks have $3.38 billion, meaning that the State Bank of Pakistan possesses $5.5 billion. Out of this $5.5 billion, $1.5 billion have already been consumed because of the forward booking liabilities. Keeping in view the fast depleting foreign reserves, the dollar-rupee parity stands at $1-Rs 77, which is alarming. Financial experts are of the view that dollar's value can cross any time Rs 80 because of the worsening reserves situation and the prevailing political uncertainty. Some financial experts are of the view that political chaos would continue even after September 6, the day a new president would be elected, as the judges’ issue would continue to linger on and Nawaz Sharif, along with the All Parties Democratic Movement, would jointly increase the political momentum on the issue that would aggravate the situation. This has actually left the Pakistan's economy in a lurch. Presently, there seems no light at the end of the tunnel, as the fate of oil facility amounting to $6 billion from Saudi Arabia is still in doldrums till the election of the new president. As far as the government's request to the World Bank seeking $1 billion loan, there is no progress. The bank has, in fact, refused to extend any programme loan. According to official sources, the bank has agreed to extend project loans only. The World Bank's top guns have conveyed to the authorities in Pakistan that the bank has linked its future programme loans to the issuance of the Letter of Credit by the International Monetary Fund (IMF). The two installments each of $136 million from the UAE-based Etisalat Company against the privatisation of the PTCL are now overdue and the government is awaiting the delivery of $272 million. However, there is no progress on this issue. The government, despite its tall claims, has so far failed to float the Workers Remittances Securitisation Bond worth $750 million to provide cushion to the worsening foreign reserves situation. On the privatisation front, there seems no tangible progress on sell-off programmes. The government claims that some privatisation proceeds amounting to $1.86 billion are in the pipeline. The government was earlier claiming that it would have inflows of $250 to $300 million as the Pakistan Telecommunication Authority (PTA) was going to issue some licenses of that value to various companies in the first quarter of the current fiscal. So far, no progress has been seen on this issue too. The Abraaj, an Arab group that has become the new administration of the Karachi Electric Supply Company, still has not injected $400 million investment into the KESC. It means the forex reserves would continue to decline in the days to come. |
Forex Seasonality Forecasts USDCHF Declines
Forex Seasonality Forecasts USDCHF Declines
Forex trading market seasonality is an effect widely studied as a primary mover of major currency pairs, as long-term studies suggest that certain seasonal patterns may be able to predict forex price moves. The month of September has not historically produced any especially clear price trends in major currency pairs, but we do notice a noteworthy trend in the Swiss Franc. Namely, the USDCHF has fallen in 7 of the past 9 months of September. Read below for further information on the Swiss Franc and forex seasonality studies in other major currency pairs.
Forex Seasonality for Major Currency Pairs
Swiss Franc Likely to See Seasonal Advance
Canadian Dollar Forecasts Signal Rallies
Forex Futures and Seasonality Suggest British Pound will Recover
Euro Seasonality and Technical Forecasts Predict EURUSD Rally
Forex Seasonality has little effect on Australian Dollar, Forecasts Uncertain
New Zealand Dollar Outlook Shows Clear Risks to Both Sides
Highly Seasonal Japanese Yen Shows Little Near-Term Bias
Exporters hit by forex derivatives
Exporters hit by forex derivatives
Statesman News Service
NEW DELHI, Sept. 3: Exporters hit by the rising rupee earlier this year, who chose to enter foreign exchange derivative contracts with banks to counter their losses, are now facing losses of a different sort. Having hedged their foreign exchange, the exporters are now facing huge losses as the rupee has fallen against the dollar.
The exporters from the small scale sector, however, have sought an amicable solution to their present predicament, stating that they were unfamiliar with the world of derivatives and were thus exposed to a greater risk and currency downslides.
“We have taken up the issue with the Reserve Bank of India (RBI) and the finance ministry,” said Mr MR Venkatesh, president of the All India Forex Derivative Consumers’ Forum. Accusing the banks of flouting RBI norms, Mr Venkatesh said the exporters had faced losses worth hundreds crore of rupees. “The losses, if paid off, will wipe out the entire net worth of many companies, resulting in huge unemployment and attendant law and order issues,” Mr Venkatesh added.
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |