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Some interesting currency moves today

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Barnsley
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Re: Some interesting currency moves today

Postby Barnsley » Tue, 11 Aug 2015 1:30 pm

Wd40 wrote:China just devalued the yuan by 2% and that has sent the SGD also tumbling.


Yikes .... My UK trip is getting more expensive by the day :o :o :o

I think a raising of Interest rates by the Govt would come in handy
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Re: RE: Re: Some interesting currency moves today

Postby Wd40 » Tue, 11 Aug 2015 2:46 pm

Barnsley wrote:[quote="Wd40"]China just devalued the yuan by 2% and that has sent the SGD also tumbling.


Yikes .... My UK trip is getting more expensive by the day :o :o :o

I think a raising of Interest rates by the Govt would come in handy[/quote]

Which govt? If UK raises rates pound will become stronger. SG doesn't control rates. MAS only manages the exchange rate.

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Re: RE: Re: Some interesting currency moves today

Postby Barnsley » Tue, 11 Aug 2015 3:59 pm

Wd40 wrote:
Which govt? If UK raises rates pound will become stronger. SG doesn't control rates. MAS only manages the exchange rate.


SG Govt needs to do something to keep import costs under control.....

Its maybe not as weak against the US Dollar as the UK Pound , I heard its where it was in March or something against US dollar.

I am speaking from a selfish point of view , its weakened 10-15% against UK Pound in the past year ](*,) ](*,) ](*,) ](*,) ](*,)
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Re: Some interesting currency moves today

Postby JR8 » Tue, 11 Aug 2015 5:11 pm

Wd40 wrote:China just devalued the yuan by 2% and that has sent the SGD also tumbling.


Since they're pegged via a regional basket rate I was wondering to what extent the S$ would weaken this morning. ... Theoretically that should knock the STI too... [haven't looked at the markets so far today...]
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Re: Some interesting currency moves today

Postby Wd40 » Wed, 12 Aug 2015 9:40 am

Guys this is looking really ugly. There are people predicting Asian currency crisis all over again.

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Re: Some interesting currency moves today

Postby Barnsley » Wed, 12 Aug 2015 9:57 am

Wd40 wrote:Guys this is looking really ugly. There are people predicting Asian currency crisis all over again.


My holiday price is going up day by day , only good thing is that the Euro is weakening as well to offset my costs :D :D :D
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Re: Some interesting currency moves today

Postby JR8 » Wed, 12 Aug 2015 4:46 pm

China has dropped it's rate again (2nd time in one day).
My early skim of the news has it that this is the competitive exporting of deflation. Which is a bit like playing 'Pass the parcel' around the developed world, with a parcel of economic woes.

In fact I wondered if this might be some form of Chinese economic 'warfare'. Two cuts in one day can only have been done to cause a massive stir. Totally the reverse of the slow, steady, guided and predictable from the Fed.

Just imagine sitting in the Chinese Central Bank, putting on a few $trillion of bets on what your action in a few hours will surely cause.
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Re: Some interesting currency moves today

Postby Wd40 » Wed, 12 Aug 2015 11:18 pm

It really looks like Asian Financial crisis 2.0. Its the Asian(ex Japan) currencies that are tumbling along with the Yuan.

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Re: Some interesting currency moves today

Postby JR8 » Wed, 12 Aug 2015 11:28 pm

... but not to worry, Temasek (etc) is run my the most talented financiers that are out there.
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Re: Some interesting currency moves today

Postby MayDay5 » Thu, 13 Aug 2015 9:55 am

China just devalued the CNY

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Re: Some interesting currency moves today

Postby Barnsley » Thu, 13 Aug 2015 10:03 am

MayDay5 wrote:China just devalued the CNY


Chinese New Year??

What did they do?

Say Pineapple Tarts and giving of oranges inappropriate?
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Re: Some interesting currency moves today

Postby zzm9980 » Thu, 13 Aug 2015 12:21 pm

Barnsley wrote:
MayDay5 wrote:China just devalued the CNY


Chinese New Year??

What did they do?

Say Pineapple Tarts and giving of oranges inappropriate?


CNY is the standard notation and ISO code for Chinese Yuan, or RMB.

https://en.wikipedia.org/wiki/Renminbi

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Re: Some interesting currency moves today

Postby Barnsley » Thu, 13 Aug 2015 2:13 pm

zzm9980 wrote:
Barnsley wrote:
MayDay5 wrote:China just devalued the CNY


Chinese New Year??

What did they do?

Say Pineapple Tarts and giving of oranges inappropriate?


CNY is the standard notation and ISO code for Chinese Yuan, or RMB.

https://en.wikipedia.org/wiki/Renminbi


O:) O:) O:) O:)
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Re: Some interesting currency moves today

Postby JR8 » Thu, 13 Aug 2015 3:39 pm

I thought it was a good joke; even better if it was accidental! :-D

--- China's Tianjin port explodes the same day the country's economy implodes. Curious times.
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