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 23, 2009 · 0 comments
in Business,Currency Trade,Economic Conditions,Forex Market,Forex News,Forex trading,News,Trading,currency,economy,gold prices
On Monday the euro has shown some advancement, hovering near the $1.50 level in New York trading as demand for the greenback has been hurt by the comments from a Federal Reserve official.
Greenback’s gains reversed
The remarks helped in encouraging a broad rally in global stocks, oil, gold and higher-yielding currencies that reversed the greenback’s gains from late last week.
Position of Major Currencies
In New York on Monday morning, , according to EBS via CQG the euro was at $1.4988 from $1.4851 late Friday. It has been noted that the dollar was at Y88.80 from Y89.00, whereas the euro was at Y132.97 from Y132.26. The U.K. pound was at the position of $1.6621 from $1.6491. The dollar was at CHF1.0089 from CHF1.0183.
The Dollar Index
The Dollar Index, was at 75.024 from 75.647. This index tracks the greenback against a trade-weighted basket of six currencies.
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