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Thursday, February 21, 2013

Global Currency War

Asian Currencies Tumble. Yes, This Is A Global Currency War. - Forbes: "“I can’t recall a move in currencies that has been so deliberate and so linear without any apparent real change in fundamentals,” said ANZ’s Richard Yetsenga on CNBC Asia’s “Squawk Box.” “The yen’s move has largely been on the basis of an apparent move in government policy and the market is front-running that.”. . . everyone has noticed Tokyo’s new currency policy. Europe and South Korea in particular have complained, but China by and large has not. Why complain when you can engineer the value of your currency? Beijing has been manipulating the yuan downward, and Seoul has been fiddling with the won. The South Korean currency is down 2.53% against the dollar since the end of December. At the same time, the Taiwan dollar is off 2.37% against the greenback. From all outward appearances, countries in Asia are now engaged in competitive devaluations. . . .We are, in fact, seeing the beginning of a currency war, which will not be confined to Asia. Governments see short-term advantage in intervening in the market, but in the end everyone will be hurt."

Cyprus rescue may set unwelcome euro zone precedent
South China Morning Post
Cyprus hardly seems to have the sort of debt crisis that could provoke a domino effect across theeuro zone; its economy is tiny and the bloc's financial exposure to the island is modest. Nevertheless, Cyprus is fast becoming a risk for efforts to ...

Germany drives euro zone deeper into recession, fourth quarter ...
Euro Zone Crisis. The Eurozone crisis was triggered in 2009 when Greece's debts, left by its previous government, reached a record 300 billion euros, leaving ...
www.scmp.com/.../euro-zone-recession-deepens-germany-falt...


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