The US dollar was mixed on Friday as sterling remained under pressure after weaker-than-expected US jobs growth data and speculation about an emergency rate by the Bank of England cut after the London bombings.
The euro managed to rise to US$1.1970 at 9pm GMT, from US$1.1953 late on Thursday.
The US dollar meanwhile climbed to ¥112.23 from ¥111.99.
In late New York trade, the dollar stood at 1.2991 Swiss francs from SF1.2979 Thursday.
Sterling hit a low point of US$1.7363, then rebounded to US$1.7379 compared with US$1.7431 on Thursday.
A spokeswoman for the Bank of England immediately denied the speculation about an emergency move to cut rates.
"There are no such plans at all at this point, it's absolutely rubbish," she said.
"We are aware of that rumor but unfortunately rumors are the bane of our lives and they happen," she said.
Bank of England policymakers held the cost of borrowing at 4.75 percent for the 11th month running at its official monthly rate-setting meeting, which happened to take place on Thursday.
The heavy toll could weigh on sentiment measures and force the Bank of England to more seriously consider an interest-rate cut, a step that a few members already have been leaning toward, some currency traders speculated.
The president of the European Central Bank, Jean-Claude Trichet, said later that the ECB and the Bank of England stood by to reassure financial markets but that no action was needed.
Sterling had fallen along with the dollar on Thursday as traders responded to deadly blasts in London by moving toward "safe haven" currencies such as the Swiss franc.
PROTECTIONISM: China hopes to help domestic chipmakers gain more market share while preparing local tech companies for the possibility of more US sanctions Beijing is stepping up pressure on Chinese companies to buy locally produced artificial intelligence (AI) chips instead of Nvidia Corp products, part of the nation’s effort to expand its semiconductor industry and counter US sanctions. Chinese regulators have been discouraging companies from purchasing Nvidia’s H20 chips, which are used to develop and run AI models, sources familiar with the matter said. The policy has taken the form of guidance rather than an outright ban, as Beijing wants to avoid handicapping its own AI start-ups and escalating tensions with the US, said the sources, who asked not to be identified because the
FALLING BEHIND: Samsung shares have declined more than 20 percent this year, as the world’s largest chipmaker struggles in key markets and plays catch-up to rival SK Hynix Samsung Electronics Co is laying off workers in Southeast Asia, Australia and New Zealand as part of a plan to reduce its global headcount by thousands of jobs, sources familiar with the situation said. The layoffs could affect about 10 percent of its workforces in those markets, although the numbers for each subsidiary might vary, said one of the sources, who asked not to be named because the matter is private. Job cuts are planned for other overseas subsidiaries and could reach 10 percent in certain markets, the source said. The South Korean company has about 147,000 in staff overseas, more than half
Taipei is today suspending its US$2.5 trillion stock market as Super Typhoon Krathon approaches Taiwan with strong winds and heavy rain. The nation is not conducting securities, currency or fixed-income trading, statements from its stock and currency exchanges said. Yesterday, schools and offices were closed in several cities and counties in southern and eastern Taiwan, including in the key industrial port city of Kaohsiung. Taiwan, which started canceling flights, ship sailings and some train services earlier this week, has wind and rain advisories in place for much of the island. It regularly experiences typhoons, and in July shut offices and schools as
CHEMICAL FIRE: 10 Indian employees were injured by smoke inhalation at a Tata Electronics plant in Tamil Nadu state that produces components for Apple Inc At least 10 people received medical treatment, with two hospitalized after a major fire on Saturday disrupted production at a key Tata Electronics Pvt Ltd plant in southern India that makes Apple Inc’s iPhone components. The fire occurred at the plant in the city of Hosur in Tamil Nadu state that makes some iPhone components. It broke out near another building inside the Tata complex, which was to begin producing complete iPhones in the coming months. The fire was contained to one building and has been extinguished fully, top district administrative official K.M. Sarayu said. No decision has been made on when
RSS