Philippine Peso Up

The International Herald Tribune reports that the Philippine Peso is currently enjoying an increase in value over the US Dollar.

"The Philippine Peso rose to its highest level in eight months on Tuesday on speculation nationals working overseas are sending money back for the year-end holidays. The peso climbed 0.4% according to the Bankers Association of the Philippines," reveals the Tribune’s website.

According to the website’s market round-up, the gains in the Philippines’ peso are remittance driven since it is currently the season for remittances in the country.
Bloomberg.Com, on the other hand, discloses that the Philippine peso had its fifth weekly gain in six on speculations Filipinos working overseas will increase the amount of money they send home toward the Christmas holiday season.

Data shows that a 28% increase in remittances was recorded in September as Philippine nationals returned $941 million resulting to foreign exchange rates measuring at a range of PHP53-PHP55 to USD1 as of November 26, 2005 and even better in 2006, Bloomberg.Com adds.

(Source: Korean Won Has Weekly Loss On Stocks; Philippine Peso Rises, Bloomberg Asia Website and Market Roundup: Currencies Business Asia, Blackenterprise.Com)

Russia Benefits From Unstable Forex Market

Gold prices are up in Russia, thanks to expensive oil and the unstable forex market there. The RIA Novosti Website through their Expensive Oil, Unstable Forex Market Push Gold Price Up article released today said that experts are attributing the unprecedented growth in Russia’s gold price to high oil price and the unstable forex market.

According to the website, gold has become an alternative, reliable, and liquid asset and instrument in to determine which petrodollar to invest in since the Euro’s slide against the Dollar.

Oil prices, it quoted experts, are the main factor influencing gold price movements and not the amount of gold mined in a particular area, as well as the demand for gold in an area like what happened recently in Asia.

Other factors affecting the gold price are increases in the discount rate by a country’s central bank and increases in the share of gold in a country’s central bank reserve, the RIA Novosti website article added.

New Book To Avoid Forex Pitfalls

Newbies in the foreign exchange industry will surely look forward in getting their copy of the new book released by Capital Currencies Ltd.

According to BobsGuide.Com, a website that provides software & technology advice in asset management, banking, and risk management, the new book will be beneficial to anyone who is in the market wanting to buy foreign currency.

"As the foreign exchange market is unregulated, they are vulnerable and have little in the way of protection. So we at Capital Currencies wanted to give them and everyone else in the market place, some pointers for money when buying foreign currency," BobsGuide.Com quoted of Capital Currencies.

Capital Currencies is a wholesale foreign currency price, spot & forward for both corporate and private clients. The company aims to give customers the best exchange rate and going the extra mile through their new book since most of their clients have no experience in buying foreign currency.