Thursday, February 7, 2013

Turmoil In The Euro Region Increases - TRADERBASE Forex ...

The Euro traded close to a one-week low against the U.S. Dollar on the heels of today?s European Central Bank policy meeting. Risk appetite ebbed in the foreign exchange trading market as the political and banking upheaval that threatens the stability of the Euro-zone reignited investors? concerns. The shared currency declined against the majority of its peers after Spain?s Prime Minister, Mariano Rajoy, was asked to resign due to possible corruption while one of Italy?s oldest banks, Banca Monte Del Paschi di Siena SpA, is being investigated for hiding losses though the use of derivatives. The Euro fell further after Greece?s Finance Minister, Yannis Stournaras, suggested that the currency?s rising strength should be a matter of concern even if it reflects a hike in confidence.
Elsewhere, the Australian Dollar weakened against most of the foreign currency majors following the release of economic data which showed that retail Sales dipped 0.2% during the last month of 2012, thereby increasing the possibility the Reserve Bank of Australia may lower benchmark interest rates in March.
In other Forex online news, the British Pound rebounded after having traded at a 15-month low versus the shared currency on speculation it dropped too quickly and on speculation the Bank of England?s new Governor, Mark Carney, will push for measures aimed at bolstering economic growth once he takes over in July. The Sterling rose against all but two of its counterparts in anticipation of Mr. Carney?s testimony before British lawmakers scheduled for today.

Source: http://traderbase.iforex.com/turmoil-in-the-euro-region-increases/2554

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