Euro jumps high than US dollar

Euro jumps high than US dollar

London (Reuters): The euro jumped to its highest levels in nearly two years against the dollar on Friday as the single currency's bounce this week prompted some investors to cover short positions.


The euro's 0.3 percent vault above $1.1650 in early trading on Friday meant that those holding currency options betting on a fall in the single currency after the European Central Bank's meeting on Thursday faced heavy losses.

The next target level for the euro was an August 2015 high at $1.17150, according to strategists.

The euro rose to $1.16765 as markets bet the European Central Bank would tweak its policy stimulus in the autumn, although ECB President Mario Draghi was careful to give few hints about the bank's next move after Thursday's policy meeting.

"There is really nothing in Draghi's remarks yesterday that calls for this kind of bullishness on the euro and markets may end up getting disappointed before long," said Adam Cole, head of G10 FX Strategy at RBC Capital Markets in London.

The euro's strength pushed the dollar to an 11-month low of 93.994 against a trade-weighted basket of other major currencies.

U.S. President Donald Trump's failure to garner enough support for his healthcare bills in the Senate this week also weighed on the dollar, as it raised concern about similar obstacles in passing his stimulus and tax reform agendas.

The dollar was broadly flat against the yen at 111.79 after touching an overnight low of 111.48, its lowest since June 27. It was on track to shed 0.4 percent for the week.

The dollar's losses against the yen were mitigated by market expectations that the Bank of Japan will keep its massive stimulus programme in place far longer than other major central banks amid stubbornly weak inflation.

The Australian dollar plunged after a top central banker said on Friday that the Reserve Bank of Australia doesn't need to follow the leader when it comes to global monetary tightening.

The Aussie fell 0.8 percent to $0.7893 after falling as low as $0.7875 earlier.

SC reserves judgment in Panama Papers case

SC secures judgment in Panama Papers case

Panama Papers case: SC reserves judgment

Islamabad (Web Desk): The special implementation bench of the Supreme Court reserved on Friday its decision in the Panama Papers case after hearing arguments over the final report of the Joint Investigation Team (JIT). 

In response to the petitioners and respondents on the JIT's final probe report into the Sharif family’s businesses the Supreme Court started these hearings on July 17 and today it was the fifth consecutive hearing of the bench.

During Friday's hearing the counsel for the PM’s children, Salman Akram Raja, completed his arguments and earned appreciation from the bench. 

Salman Akram Raja, "claimed We cannot even think of submitting false documents in court." 

The bench also directed during the hearing, for the production of volume 10 of the JIT report, with Justice Azmat observing that they want to keep everything transparent. 

The bench asked the PM's counsel, Khawaja Harris, to examine specific sections of the volume.

At the time when the JIT report submitted its final report, Volume 10 of the report was kept confidential. The JIT had asked the SC not to make the volume public as it contained material related to ongoing international cooperation in the investigation against the Sharif family.

Later, Finance Minister Ishaq Dar's began presenting his arguments before the bench.

Earlier in the week Dr Tariq Hassan also argued before the court.

The bench directed for the controversial Volume X of the JIT report regarding Panama papers to be made available to the premier's counsel, Khawaja Harris. The judges observed that they want to keep everything transparent. 

The bench observed that it will operate strictly within the remits of the law and not trample anyone's individual rights. 

The three-member bench, headed by Justice Ejaz Afzal Khan and comprising Justice Sheikh Azmat Saeed and Justice Ijazul Ahsan, also heard the arguments of Finance Minister Ishaq Dar's counsel as well as the National Accountability Bureau (NAB) deputy prosecutor general today. 

Dar's counsel submitted additional documents to the court and hoped it would answer the queries raised by the court earlier. 

The NAB prosecutor informed the bench that they will 'soon' decide whether to reopen the Hudaibiya Paper Mills case. 

Once the respondents' counsels completed their arguments, Pakistan Tehreek-e-Insaf's (PTI) counsel Naeem Bukhari gave his response on the replies of the respondents. 

The bench began its proceedings around 9:30am.

The counsel for the premier's children, Raja, informed the bench that there are several law firms in London that operate on Saturdays, to which the bench agreed. 

The counsel also clarified before the bench that the firm of his predecessor, Akram Sheikh, may have made a clerical error which led to a confusion of dates regarding ownership of offshore companies by the premier's children. 

"We cannot even think of submitting false documents in court," claimed Raja. 

During the hearing, the bench also directed the production of volume 10 of the JIT report, with Justice Azmat observing that they want to keep everything transparent. 

The bench asked the prime minister's counsel, Khawaja Harris, to examine specific sections of the volume.

Volume 10 of the report was kept confidential at the time the JIT report submitted its final report. The JIT had asked the Supreme Court not to make the volume public as it contained material related to ongoing international cooperation in the investigation against the Sharif family.

Raja informed the bench that the prime minister’s children are responsible for their own businesses, saying their grandfather aided them financially till 2004.

Addressing Raja, Justice Azmat observed, “you did well today”.

Presenting his arguments, Raja claimed that the Qatari prince was not given the option of recording his statement via video link.

During the hearing, Justice Ejaz remarked that they will swim against the tide, within the remits of the law, if they have to.

The bench observed that action is taken in accordance with the relevant law if the assets of a public office holder are more than his known income sources.

Justice Ijaz commented that the prime minister, in his speech in the National Assembly and before the nation, said he has all the necessary proof but they are waiting for this proof for over a year.

The judge observed further that Capt (retd) Safdar’s assets declaration does not mention Maryam’s beneficial ownership of offshore companies.