Euro rose sharply against the yen and dollar in Asia last Monday, because the series of the remarks from the European Central Bank shows that authorities had taken necessary measures for prompting non-Japanese hedge funds to buy the euro.
The dealers said that euro’s longer term prospects appear to be dim. On Monday, the ECB said that they will intervene in the eurozone’s public and private debt markets for ensuring depth and liquidity in those market segments that are dysfunctional. This remark came entered when the eurozone’s finance ministers created a EUR500 billion support plan for countries and additional funds of EUR250 billion will be provided by the International Monetary Fund. [click to continue…]
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Sharp Rise
by R. MAK. on November 24, 2009 · 0 comments
in Business,Currency Trade,Economic Conditions,Forex Market,Forex News,Forex trading,Trading,currency,economy,investment
On Tuesday the euro rise against the dollar, reversing earlier losses as a firmer-than-expected German sentiment survey offset concerns about the country’s banking sector.
Rise in the German Ifo
A bigger-than-expected rise in the German Ifo November business climate index has helped the euro. The index rose to 93.9, a level that has not seen since the collapse of Lehman Brothers last year. This has lifted optimism that Germany’s recovery can gain momentum.
Euro
After falling as low as $1.4889 by 1239 GMT, the euro EUR= was up 0.1% at $1.4975. On Monday it hit a one-week high of $1.5001 but has recently struggled to hold above $1.50.
Traders cited options with a strike price of $1.5000 and $1.5050 which were set to expire later in the day.
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