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Euro Dived Further - 30.12.2011

US Dollar The dollar dropped against its major peers yesterday, except the British pound, as investors boosted demand for higher-yielding assets after another portion of favorable macroeconomic data has been issued in the United States. A report showed pending home sales increased in November 7.3%, while analysts predicted a 1.5% gain on average. At the same time the number of initial jobless claims stayed last week close to its multi-month lows, at 381000. Stock markets entered into the green territory as well. Japanese Nikkei Average gained 0.69%, climbing to 8455.35 on the last trading day of the year, while S&P 500 advanced 1.07% to 1263.02 yesterday. After touching one-week highs against the Australian and Canadian counterparts, the greenback reversed gains later in the global day, and after climbing to the highest level since 11 of January 2011 (80.85), the dollar index fell to 80.48 by the end of the Asian trading session. Euro The euro fell to its lowest level since September 2010 against the greenback (1.2857) yesterday as Italian debt auction failed to decrease the demanded yields. As a result Italy sold fewer bonds than its maximum target and attracted only 7 billion euros instead of 8.5 billion, bringing the total raised this week to almost 20 billion euros. The yield on the benchmark 10-year notes is staying close to the 7% threshold, threatening the nation’s financial stability. The euro also dived further against the Japanese yen, touching the lowest level since June 2001 – 100.05. In Asian trading hours today the European currency was little changed against the US dollar at 1.2927-1.2956.
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