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Euro Remains Under Pressure
The euro (EUR) dropped to a two year low falling to 1.2515 from 1.2619 against the US dollar as uncertainty in the market grows. The single currency is under pressure as investors are worried about a problematic banking sector in the eurozone and a messy Greek exit from the euro. Economic figures from Germany further weighed on sentiment after German manufacturing data was weaker than expected. Failure by EU leaders to take decisive steps to tackle the eurozone debt crisis has curbed risk appetite, while growth in the region appears to be deteriorating. Against the Swiss franc, the single currency spiked higher to 1.2075 on rumors that the Swiss National Bank will impose a tax on deposits.
The US dollar (USD) strengthened against a basket of currencies as heightened risk aversion in the ...
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Greek Exit Fears Weigh, Gold Bounces Epically
The euro (EUR) dropped to a 22-month low falling to 1.2545 from 1.2686 against the US dollar on a heightened risk aversion in the markets. Concerns that Greece may face a damaging default and a messy exit from the eurozone weighed on the single currency after talks said that Eurogroup was asked to prepare a Greek exit plan. Wednesday’s informal EU summit did little to restore sentiment in the market after it showed no progress on how EU leaders are planning to tackle the eurozone debt crisis but all agreed on the importance that Greece stays in the euro. France pushed a proposal of joint eurozone bonds, which can help with funding difficulties for some heavily-indebted eurozone countries but that policy is rejected by Germany.
The US dollar (USD) strengthened against a basket of ...
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Euro stuck near 22-month low on Greek exit worry
(Reuters) - The euro hovered just above its 22-month low against the dollar on Thursday and remained vulnerable to further declines as the prospect of a Greek exit from the euro zone kept investors on tenterhooks.
The euro eased 0.1 percent to $1.2575. It fell to about $1.2545 the previous day, its lowest level since July 2010. That level should provide initial support, followed by $1.2500.
The euro drew little comfort from an informal summit of European Union leaders that shed no new light on how the euro zone nations intend to tackle its debt crisis, including the threat of Greece's exit from euro.
"It's still hard to see what the endgame will be like," said a trader at a Japanese bank in Tokyo.
European Union leaders urged Greece to stay the course on austerity and complete the ...
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Euro sinks to 21-month low as Greek exit fears rise
(Reuters) - The euro plunged to a 21-month low against the dollar on Wednesday as investors dumped the currency on growing fears of a Greek euro zone exit and widespread doubts about the outcome of an EU summit later in the day.
EU leaders are expected to discuss growth-boosting measures but are not expected to produce any plan that would restore optimism among investors, especially given Germany's strong opposition to joint euro bonds.
Investors are doubtful that the leaders will come up with any measures to calm fears that have grown since an inconclusive Greek election earlier this month left the country on the path to bankruptcy and a possible exit from the euro zone.
"The whole problem of Greece, of fiscal retrenchment in the euro zone, the lack of growth across the region, and the ...
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Euro drops to 21-month low as break up risks mount
(Reuters) - The euro fell to a 21-month low against the dollar on Wednesday as investors added to bearish bets on growing concerns about a chaotic Greek exit and widespread skepticism about the outcome of an EU summit due later in the day.
EU leaders are expected to discuss growth-boosting measures but are not expected to produce any plan that would restore optimism among investors, especially given Germany remains strongly opposed to joint euro bonds.
Investors are doubtful that the leaders will come up with any measures to calm fears that have grown since an inconclusive Greek election earlier this month left the country on the path to bankruptcy and a possible exit from the euro zone.
The euro fell to $1.2615 on trading platform EBS, dropping below the 2012 low of $1.2624 set in ...
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Euro hits 21-month low versus dollar before EU summit
(Reuters) - The euro hit a 21-month low against the dollar on Wednesday ahead of an EU meeting later, with investors doubtful that leaders would come up with measures to stem the euro zone debt crisis.
An informal EU summit is expected to discuss growth-boosting measures but was not expected to produce any plan that would restore optimism among investors, especially given Germany remains strongly opposed to joint euro bonds.
The euro fell to $1.2615, dropping below the 2012 low of $1.2624 set in January to mark its lowest since August 2010.
Fears that Greece may have to leave the euro grew after Dow Jones earlier quoted former prime minister Lucas Papademos as saying Greece had no choice but to stick with a painful austerity program or face a damaging exit from the euro zone.
However, ...
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Japan Policy On Hold, Eyes On BoE Minutes
The euro (EUR) dropped near a 21-month low falling to 1.2645 from 1.2814 against the US dollar as risk aversion dominates the markets. Comments from former Greek Prime Minister Lucas Papademos raised concerns after he said that Greece has two options, stick to a painful austerity program or face a damaging default and a messy exit from the eurozone. Focus now turns to today’s informal EU summit where France is expected to push a proposal of joint eurozone bonds. The idea of joint bonds can help with funding difficulties for some heavily-indebted eurozone countries but that policy has been rejected by Germany before. EU leaders are also expected to focus more on growth and ways to help Greece stay in the euro.
The US dollar (USD) strengthened against a basket of currencies as fears of a ...
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Euro tumbles on Greek exit fears
(Reuters) - The euro slumped 1 percent against the U.S. dollar on Tuesday, ahead of an informal meeting of European leaders, on growing fears of a Greek exit from the euro zone.
Dow Jones quoted former Greek prime minister Lucas Papademos as saying that Greeks had no choice but to stick with a painful austerity program or face a damaging exit from the euro zone, a risk he said was unlikely to materialize but that was real.
He also told the news agency that some European states and institutions were considering contingency plans for any eventuality.
"Sentiment is heavily against the euro," said Joseph Trevisani, chief market strategist at Worldwide Markets, Woodcliff Lake in New Jersey. "Any negative comment from former or current Greek officials sends the euro plummeting. There were ...
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Forex-Euro slides ahead of summit; yen tumbles
(Reuters) - The euro fell against the dollar for the first time in three days on Tuesday as investors doubted whether an informal meeting of European leaders this week would yield much progress in tackling the region's debt crisis.
The weakness in Europe's common currency suggested an uncertain outlook despite a fall in Spanish and Italian government bond yields, and some analysts said stretched positioning and oversold signals could lead to a short squeeze and a higher euro.
While there have been hopes that Wednesday's summit may lead to agreement on measures to boost euro zone growth, investors were not confident of a breakthrough given apparent differences in opinion between Germany and France.
French President Francois Hollande is expected to push for a joint euro zone bond, a ...
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