Market News

India’s rupee plummeted to a new low in two decades yesterday as a surge in oil prices threatens to worsen a current account deficit and push the economy toward its biggest crisis since 1991.

Asian stocks fell for a second day, Wednesday, while credit risk climbed and oil rose on concern the U.S. will take military action against Syria.  Jitters over a possible U.S.-led military strike knocked Asian equities to a seven-week low and pushed oil prices and safe-haven gold to multi-month highs.

Thailand’s central bank voted unanimously yesterday to cut its 2.75% base rate by a quarter of a percentage point on Wednesday in an attempt to stem a sharp rise in the baht. Thailand is joining other Asian countries in setting a currency-devaluing precedent that may leave other emerging economies with little choice but to follow suit.

Asian stocks rose and gold hit a near three-month high on Monday, extending a move started late last week when a steep drop in U.S. new home sales tempered expectations the Federal Reserve will soon reduce stimulus.

A $40 million lawsuit was filed Saturday against Trump University, Donald Trump's for-profit investment school. The New York state attorney general accused the University of engaging in illegal business activities.

During the Asian trading session, the U.S. Dollar moved higher against the safe haven Japanese Yen as investors’ speculate that Japanese importers could find the greenback attractive.

Trading on the second-biggest American market operator, Nasdaq, ground to a halt yesterday due to an unexplained technological problem.

Activity in China's vast manufacturing sector hit a four-month high in August as new orders rebounded, a preliminary private survey showed on Thursday, adding to signs that the world's second-largest economy is stabilizing after a two-quarter slowdown.

As equities in Asia continue to slide the U.S. Dollar was able to recoup some of the ground lost earlier against the safe haven Japanese Yen but still remains close to 6-month trough versus the common currency Euro.

Safe haven seeking market players helped to push the common currency Euro up against the Japanese Yen during the Asian trading session but the EUR/JPY pair held below yesterday’s 2-week peak.

The U.S. Dollar began the trading week in Asia by edging broadly higher against its major peers.

The U.S. Dollar suffered heavy losses during Friday’s early trading session, much of which was prompted by an unexpected sell off on Wall Street.

The U.S. Dollar was trading within a tight band earlier as investors’ uncertainty continues to grow over the Federal Reserve Bank’s decision as to whether or when the current quantitative easing program would be tapered off.

Unexpectedly upbeat retail sales data from the U.S. helped to lift the U.S. Dollar against most rivals during Wednesday’s early Asian trading session.

The Japanese Yen slipped lower in Asian trading following a report that the Japanese Prime Minister might be considered a tax cut for corporations as a means to offset a two-staged tax hike which is being perceived as a possible drag on the Japanese economy.