Market News

The EUR stood its ground on Friday after making a comeback from an all time low versus the Swiss franc and a three-week low vs the dollar.

The European currency enjoyed a comeback in Asia on Thursday, having reached an all time low againt the Swiss franc overnight, with traders finding increasing buying interest emerging from players in the area specifically central banks.

The Euro is holding steady in Asian trading today following yesterday’s plunge precipitated by dual announcements from Moody’s and Fitch’s, the rating agencies, that they may, respectively, downgrade Portuguese and Greek debt.

The common currency reversed positions against the U.S. Dollar and the Japanese Yen in the Asian trading session when one official from the Chinese government endorsed the efforts being undertaken by the European Union to stabilize Eurozone financial markets. As reported at 1:49 p.m. (JST) in Tokyo, the Euro traded against the greenback at $1.3194, a session high; on Monday, the Euro struck a 2-week low. Against the Japanese Yen, the Euro was trading at 110.18 Yen, up from 109.90 Yen earlier.

The U.S. Dollar continues to strengthen against the common currency Euro as investors remain fearful that more Eurozone nations will finally acknowledge the difficulties they’re having working within their fiscal budgets.

The fallout from the Irish downgrade continues to push the common currency lower; today in Tokyo, the Euro slipped to a 2-week trough versus the U.S. Dollar, and appears vulnerable to further losses.

The common currency Euro slipped against the U.S. Dollar in London trading today as Moody’s, the credit rating agency, downgraded Irish debt from AA2 to BAA1.

The U.S. Dollar lost ground against the common currency Euro in early morning trading in New York; as reported at 9:11 a.m. (EST) in New York, the U.S. Dollar was trading at $1.3241 against the Euro.

Even as the Euro steadies in choppy Asian trading, it remains vulnerable to further declines as the E.U. summit begins later today. As reported at 12:27 p.m. (JST) in Tokyo, the Euro was trading relatively flat against the U.S. Dollar, holding at $1.3215.

The U.S. Dollar continued its gains against the common currency Euro and the Japanese Yen following the release of better than expected consumer price data earlier today

The Euro slipped lower in Asian trading today as Moody’s credit rating agency put Spanish debt under review with the possibility of a downgrade from their current AA1 rating.

In London trading, the weakened U.S. Dollar slipped to a 1-month low against the Australian Dollar which achieved parity as commodity prices, especially gold, continue to rise.

The common currency Euro held close to the December high versus the broadly weakened greenback in Asian trading today. Yesterday, the Euro surged as hedge fund operators drove sales higher, though some traders complained that thin year-end trading is exaggerating the Euro’s rise.

In somewhat subdued trading in New York, the U.S. Dollar slipped against the common currency Euro as demand from Latin America and the Eastern European bloc helped to boost the Euro.

The common currency Euro slipped against the U.S. Dollar in Asian trading today as higher yields on 10-year U.S. Treasury bonds continue to boost the greenback.