| Ringgit breaches 3.50 mark
PETALING JAYA:The ringgit breached 3.50 and stayed below that level for the first time since November 1997, settling at 3.4963 as at 5.32pm yesterday, after Bank Negara governor Tan Sri Dr Zeti Akhtar Aziz said the Government has no pre-determined rate for the currency. Economists welcomed the central banks stance to leave the ringgit flexible, and said Zetis decision to keep watch over the local units fluctuations to encourage orderly movement bode well for investors in the country. OSK Securities economist Sia Ket Ee said there could have been intervention by Bank Negara at the 3.50 level in the past few weeks since Jan 16, as the uptrend in the ringgit had paused, but it was not to curb appreciation. The central bank just wants to reduce volatility, to tell currency traders that they could have their party but not mess up.
Rand softer versus dollar, seen stronger
JOHANNESBURG (Reuters) - South Africa's rand was a touch weaker against the dollar on Wednesday, but market players said positive emerging market sentiment and an uptick in metals prices could see the currency test stronger levels. The rand stood at 7.1850 versus the dollar at 0643 GMT from its New York close of 7.1725 on Tuesday. "Emerging markets have remained relatively strong for a couple of days along with the euro/dollar jumping up overnight, and commodities looking okay, that (should be) good for the rand," said a Johannesburg-based trader. The local currency would likely range within a 7.15/22 band against the dollar on the day, he added. The euro -- currency of South Africa's main trading partner -- ticked up to $1.2985 earlier, in what traders said was a largely technical rise against the dollar.
Stocks' strength breeds caution
It took the index only a year to go more than 1,200 points to the Feb. 1 closing high of 12,673.38. Another 1,200 points puts it within striking distance of 14,000. The Dow has hit 31 new closing highs since the index surpassed its previous January 2000 high on Oct. 3, 2006. And at 1,583 calendar days — almost 41/2 years — the current bull market in stocks is already the third-longest since 1900, behind the stunning 1990s boom and the equally impressive 1920s bull market — as calculated by Ned Davis Research in Fort Myers, Fla. Many mainstream stock market forecasts for 2007 call for another up year, complicated by a few temporary setbacks. Indeed, most strategists argue that the market is overdue for a correction, or sell-off, that would only make it stronger once it ends.
My-Currency Launches an Online Housing Exchange at DEMO 07
DEMO 07, PALM DESERT, Calif., Jan. 31 /PRNewswire/ -- My-Currency today announced an online community where professionals and consumers collaborate, predict values, and share information, knowledge, and expertise. The company is focusing initially on housing, but plans to rollout other verticals soon. My-Currency is an online housing exchange where consumers are empowered through CrowdValue(TM) to view, define, and interact with true street values. Moreover, professionals now also have the opportunity to earn and market their reputations -- simply at the cost of participation. Using an online "futures" tool, agents can estimate the true value of a property, and when it sells, those with the best predictions strengthen their reputations. Agents can further show their expertise by submitting articles and insights by posting on My-Currency wikis, blogging, answers, and other social applications.
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