Real slides despite IMF rescue package

MARKET NEWS

SAO PAULO -- Renewed uncertainty hit the troubled Brazilian real last week, as it returned to new lows only days after a $30 billion rescue package from the International Monetary Fund was approved. Political uncertainty and shrinking capital inflows globally are adding to the currency’s woes, analysts told FX Week.

The real slipped to about 3.15 per US dollar on Tuesday as credit rating agency Moody’s downgraded its foreign currency rating from B1 to B2. "The back-loaded and conditional nature

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Króna in chaos during Iceland's meltdown

REYKJAVIK - Confusion reigned in Icelandic króna trading last week, as the country's central bank, Sedlabanki, abandoned its peg to a basket of nine currencies a day after it was effected.

Death by association

The application of credit technology to diverse underlyings led to the birth of collateralised foreign exchange obligations in 2006. But despite being built from uncorrelated underlyings, their fortunes have proven highly correlated with the wider market…

Nothing beats a good trading scandal

The past week has produced a frenzy of headlines, from the FTSE index hitting seven-year lows and the Federal Reserve's surprise 75 basis point rate cut, to the billions of dollars in writedowns at major dealers. But nothing grabs the attention as much…

Rating agencies assess CP markets

EUROPE – Fitch Ratings and Moody's sought to capture the effect of the commercial paper (CP) market's lack of liquidity on the wider banking outlook in two conference calls last week.

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