Forex News
While the head of the ECB, Jean-Claude Trichet, has maintained his hawkish tone, renewed calls for additional stimulus to spur the sluggish Eurozone economy may be enough to sway the policymakers.
Government agencies, public transportation services and tax offices were closed on Wednesday in a large-scale effort to protest against the austerity measures set to be imposed by the EU/IMF bailout, which was, in its ideal form, set to remedy Greek’s debt problems.
After a brief rally triggered by a late rise on Wall Street, the Euro which had struck $1.3355, is now back under pressure in Asian trading, and edging toward a 10-month low against the U.S. Dollar.
The Euro slipped close to a 9-month low against the U.S. Dollar as new-found fear grips investors worried that Greece is imminently about to default on its sovereign debt.
Despite strict austerity measures, it has now been confirmed that Greece will miss its deficit target this year. This announcement caused stock markets to plummet further, on the heels of last week’s deplorable end to Q3, which saw the biggest quarterly losses since 2008.
The Euro fell past an 8-month low against the U.S. Dollar in Asian trading today, again, as in the past due primarily to the absence of a credible response to the European debt crisis.
The Japanese Yen gained broadly in Asian trading today as exporters from Japan sold off their holdings in the U.S. Dollar and the common currency Euro to settle their accounts for the month’s end.
Unsurprisingly, given the Eurozone’s various crises over the past several months, the common currency is on track to record its worst quarter in better than a year.
The Euro continues to cling to recent gains against the U.S. Dollar, holding steady above the 8-month trough struck earlier in the week.
The common currency crawled back from an 8-month low against the U.S. Dollar on short-covering by investors following the news that the Eurozone’s key policymakers are considering efforts to shore up the European Financial Stability Facility.
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