Monday, May 3, 2010

Forex day trading china tightens

Forex day trading course USDKRW fell 0.7% to 1,115.45 for the first time in three days, leading other Asian currencies lower after China raised bank reserve ratios for a third time this year, fuelling concern the nation's central bank will try to limit the currency's gains, after it climbed 4.4% this year. China's monetary tightening yesterday will absorb 300 billion Yuan ($44 billion) from the financial system and may push back an interest-rate increase until early June. China's third increase of bank reserve ratios this year left benchmark interest rates and the Yuan's peg to the USD unchanged, risking the need for more concerted effort to contain property prices and inflation in coming months. The current level is 16.5% for the biggest banks and 14.5% for smaller ones. A $22.5 billion jump in foreign-exchange reserves, the biggest gain in four months, suggested investors could be showing a renewed appetite for bets on the currency. Exports and company profits are rebounding and the economy expanded 11.9% in Q1. Reserve-ratio increases and the targeting of a 22% reduction in new loans this year are among efforts to wind back stimulus that has driven the nation's recovery from the financial crisis with measures to cool the real-estate market have included a ban on loans for third-home purchases and raising mortgage rates and down-payment requirements for second-home purchases. South Korea's inflation rose 2.6% (prev. 2.3%, exp. 2.4%) and exports advanced for a sixth consecutive month in April, boosting the case for the central bank to raise interest rates. GDP expanded a faster-than-expected 1.8% last quarter and Credit Suisse last week raised its 2010 growth forecast to 6.2% from 5.2%. Japanese financial markets were shut for a holiday. Australian house prices rose 4.8% in Q1 (prev. 5.2%) the most since at least 2003, increasing the likelihood of the RBA boosting borrowing costs tomorrow. Surging property prices are a key reason that Governor [...]

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