The economy, dominated by steel exports, has been in recession since the second half of 2012, and the current account deficit has widened this year. The hryvnia currency has eased to 8.28 to the dollar from about 8.1 in January. Analysts from 16 banks and brokerages on average expect it to be close to 8.3 at the end of December before sliding out to 8.7 to the dollar next year. Very often the hryvnia rate in Ukraine is determined not by market factors but administrative and political factors, said Svetlana Rekrut of Credit Rating Agency.For Yanukovich, who triggered street demonstrations by spurning a pact with the EU and seeking closer ties with Moscow, letting the hryvnia weaken ahead of a re-election run in early2015 will make imports more expensive and is a certain vote-loser. Eric Nayman of Capital Times said changing the controlled rate policy was not economically feasible for the government.
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The Swiss service sector expanded following strong GDP results for the second quarter. The Bank expects exports will pick up in the second half of 2013 thanks to firmer global demand. US retail sales: Thursday, 13:30. US retail sales edged up 0.4% during the shutdown period in October, signaling economic recovery is stronger than originally thought.
Forex: Dollar Guessing Games Begin Anew
However, the better-than-expected U.S. economic data has increased expectations of a near-term tapering of the FOMCs asset-purchase program expect the forex market to favor buying USD on pull backs. Euro on the Move Meanwhile, the 17-member single currency does not appear to want to make too much of a fuss just yet despite European Central Bank President, Mario Draghi, stating last week that trading north of $1.30 harms the competitiveness of southern European exports. As the market heads stateside, the EUR is managing to ease itself a bit higher, aided by the surprise drop in Spains November Net Unemployment print this morning (-2.5k). The euros biggest supporter, similar to other major currencies, has been the yens weakness which is driving the EUR/JPY trade to five-year highs this morning. The techies continue to expect that cross to gain to 141.00, as new multiyear highs are set today.
Source: <a moved here href=’http://www.forbes.com/sites/deanpopplewell/2013/12/03/forex-dollar-guessing-games-begin-anew/’ >http://www.forbes.com/sites/deanpopplewell/2013/12/03/forex-dollar-guessing-games-begin-anew/
Forex Weekly Outlook December 9-13
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Weekly Forex Trading Forecast: Coming Days Key for Dollar, Forex Majors
What hope remains for the Japanese Yen amid an onslaught of economic developments abroad? Gold prices were softer on the week with the precious metal shedding 1.8% to trade at $1230 ahead of the New York close on Friday. How does a Currency War affect your FX trading? Written by the DailyFX Research Team. To sign up for a weekly e-mail with our currency outlooks, go to our page for forex news delivered to your inbox . DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
India’s forex reserves up by USD 5.03 billion
Forex reserves had soared by USD 2.69 billion to USD 286.26 billion during the week previous to this. Foreign currency assets, the biggest component of the forex reserves, soared by USD 5.07 billion to USD 263.73 billion, according to the RBI’s weekly statistical supplement. Foreign currency assets had increased by USD 2.76 billion to USD 258.66 billion in the previous week. According to the RBI, the foreign currency assets expressed in US dollar terms, include the effect of appreciation or depreciation of non-US currencies held in reserve such as the pound sterling, euro and yen. The central bank did not give any reason for such a sharp increase in the foreign currency assets. The value of special drawing rights (SDRs) rose by USD 12.2 million to USD 4.43 billion during the week under review.