Market News

The Euro continues to be pressured by events in Greece as politicians there postpone what is a critical decision on the second bailout offering that will affect the country’s economic future.

The Euro continues to be under pressure in Asian trade as the Greek government considers new terms and conditions to the second bailout loan, even as the deadline for their agreement looms.

In Asian trade, commodity-linked currencies fell on news that China’s non-manufacturing PMI slipped to 52.9 last month from December’s reading of 56.0 .

The Euro moved higher against the U.S. Dollar as risk appetite improved following a run of better than expected global PMI data.

The U.S. Dollar continues to be under significant pressure following last week’s commitment by the Federal Reserve Bank to hold interest rates at their current ultra low level through 2014.

The Euro appears to be approaching a key test level as news that the Greek government is close to clinching a deal with its private bondholders helped to boost the common currency.

After the strongest 1-week rally for the Euro in more than three months, the EUR eased back from a 6-week peak against the USD.

The Japanese Yen edged higher after a buying spree from exporters, but the rough patch may not be over.

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The Euro had earlier continued to grind higher against the U.S. Dollar, but is now taking a breather in Asian trading while hovering close to a 2-week high.

The Euro continues to rally in Asia trading on the news that the IMF intends to bolster its funds in order to help the Eurozone’s leaders tackle the ongoing crisis there.

In a report published today, the World Bank dramatically reduced its global economic growth expectations for the coming years, a sign signaling to both investors and global leaders that the Bank expects another global economic crisis.

Short covering helped to push the Euro pushed higher during the Asian trading session as higher risk assets gained support following news that China’s economy slowed less than previously expected in the last quarter of 2011.