| Blurred IMF assessment during vulnerable economic recovery
The International Monetary Fund recently completed its annual article IV assessment of Ukrainian economy. The visit to Kiev surfaced with rather weak recommendations in economic policy as especially continuing currency float and income policy only poorly accommodate the countrys industrial re-structuring with inflationary pressure and mounting foreign currency exposure in households and private enterprise.
In this fashion, activity rebounded profoundly last year as GDP growth, despite renewed energy price hikes and attributable to considerate credit expansion, strengthened from 3.0 to 8.9 percent third quarter of 2006 from same quarter previous year with a resulting and welcoming decline to unemployment. Following currency appreciation, Ukrainian foreign exchange rate nevertheless depreciated in 2006 as an eroding current account surplus combined with increasing financial account volatility.
Cash Now (CHNW) Begins Search For A Full Service Forex Broker ...
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Uncertainty on yen weighs on trading
TOKYO: Uncertainty over what policy makers from the Group of 7 countries might say about the yen's value weighed on Asian trading Friday, keeping major currencies within narrow ranges against the dollar. Traders bought yen earlier in the month after comments from European officials suggested that the currency would be a topic at the two-day meeting that was starting later Friday in Germany. But many analysts now say they consider an official statement on the currency unlikely. In afternoon trading in Europe, the euro fell to $1.3001 from $1.3040 in New York late Thursday. The dollar rose to ¥121.49 from ¥121.06 and to 1.2502 Swiss francs from 1.2466 francs. The pound fell to $1.9495 from $1.9579. .
Yen May Fall After G-7 Stops Short of Citing Currency (Update1)
Feb. 11 (Bloomberg) -- The yen may decline after the Group of Seven industrial nations stopped short of saying that the currency's weakness is a threat to the global economy. The Japanese currency is trading near a record low against the euro and the weakest in four years versus the dollar as the Bank of Japan holds interest rates at 0.25 percent, the least among major economies. At a meeting in Essen, Germany, G-7 officials sought to reconcile Europeans who want the yen to strengthen with the U.S. and Japan, which say the market should set exchange rates. ``Europe has been vocal in saying yen weakness is a problem,'' said Neil Jones, head of European hedge-fund sales in London for Mizuho Financial Group Inc., Japan's second-biggest lender. ``European ministers have completely backtracked.
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