Foreign Exchange News Results

  • Euro Extends Decline on Weak German Data -- Update

    The euro ticked lower against the dollar to trade at near its lowest level in almost three years after a measure of economic expectations in Germany dropped. The measure, which assesses sentiment about Germany's economic outlook, declined to 8.7 points in February from 26.7 in January, the ZEW economic research institute said Tuesday. Achim Wambach, the institute's president, cited fears over the coronavirus's effects on global trade as a key driver of the decline.

  • Surge in Euro Borrowing Could Store Up Trouble for Later

    The euro is cheaper than many think it ought to be. One explanation: A surge in euro-based borrowing abroad is weighing the currency down. This could make the euro prone to wild swings in the future.

  • Unexplained Trading in Pound Last Month Wasn't a First

    A sharp move in the British pound last month in the minutes ahead of a crucial central-bank decision wasn't a unique occurrence, according to data reviewed by The Wall Street Journal. The U.K.' s Financial Conduct Authority has said it is looking into unusual trading that occurred before a Bank of England policy meeting on Jan. 30. Yet trading-volume data show there was also unusually high activity in the pound the previous month, compared with other announcements dating back to...

  • China's Forex Reserves Rose $7.57 Billion in January

    BEIJING--China's foreign-exchange reserves rose for a second straight month in January as a result of rising asset prices and a strengthening U.S. dollar. The country's hoard of foreign exchange increased by $7.57 billion on month to $3.115 trillion at the end of January, the highest level since June, according to data released by the People's Bank of China. Economists polled by The Wall Street Journal had expected a slight fall in reserves in January.

  • New Rule Lets U.S. Companies Fight Currency Manipulation

    WASHINGTON-- The Trump administration says it will allow companies to pursue tariffs against foreign competitors if they can show those rivals have benefited from currency manipulation in their countries. Under a new regulation published in the Federal Register on Tuesday, undervalued currencies would be treated as a subsidy that improperly benefits foreign businesses. That will enable U.S. companies to file a complaint seeking a type of remedy known as a countervailing...

  • Probe Ordered After Sterling Jumps Ahead of Rate Decision

    U.K. authorities are investigating a sudden rise in the value of the British pound minutes before the Bank of England on Thursday disclosed its decision to hold the interest rate steady. The pound traded as high as $1.3062 in the seconds ahead of the midday decision on monetary policy, from about$ 1.3027 at around 11:58 a.m. in London. Futures prices for sterling climbed 0.3% about two minutes before the announcement.

  • Yuan Falters as China Battles Wuhan Virus

    China's currency weakened ahead of the Lunar New Year holiday, as the widening spread of the Wuhan coronavirus fanned worries of a deeper economic slowdown in parts of the country. The yuan traded at 6.9251 against the U.S. dollar in offshore trading midday Friday, a two-week low. Onshore, the currency fell more than 1% this week before Chinese markets closed Jan 24 for a weeklong holiday.

  • Citi Appoints Former UBS Executive to Head South Asia Forex Unit

    Citigroup Inc. (C) has named Christian Schuwey, a former managing director with the private-banking arm of UBS Group AG (UBS), to head its South Asia foreign-exchange unit, effective immediately. The UBS veteran will be responsible for driving growth for Citi's private- banking segment in markets including Australia, Brunei, India, Indonesia, Malaysia, New Zealand, the Philippines, Singapore and Thailand, Citi said Monday. Schuwey will report to Adam A. Cowperthwaite, managing director...

  • AB Foods Group Sales Rose in First 16 Weeks of Fiscal Year 2020

    Associated British Foods PLC (ASBFF) said Thursday that group sales rose in the first 16 weeks of fiscal 2020, which included the key Christmas period, benefiting from increased Primark sales. For the period ended Jan. 4, the U.K. food-processing and retail company said group revenue from continuing operations rose 4% ahead of the same period last year at constant currency. Sales from continuing operations at actual exchange rates were 3% ahead.

  • China Evergrande Group Launches $2 Billion Dollar-Bond Sale

    China Evergrande Group (EGRNF) is selling up to $2 billion in USD-denominated bonds, taking advantage of this year's robust demand for high-yield property debt issuance. The Hong Kong-listed property developer is selling a three-year bond with an indicative yield of around 12% and a four-year bond at an about 12.5% yield, according to a term sheet. The notes due in 2024 have an option to call in two years.

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