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March 30th, 2012
Euro Futures – The euro rose versus the dollar, heading for its biggest quarterly gain in a year, after European finance ministers agreed to boost an anti-debt-crisis firewall, adding confidence the region’s financial problems are abating.
The dollar fell against most of its major counterparts as stocks and commodities advanced, boosting demand for higher- yielding assets. The yen touched a three-week high against the dollar amid speculation companies are bringing home overseas earnings before the fiscal year ends tomorrow. Sweden’s krona extended a weekly gain as investors pared bets the central bank will cut interest rates.
“The finance ministers came out and did what they were supposed to,” said Brian Kim, a currency strategist in Stamford, Connecticut, at Royal Bank of Scotland Group Plc. “It’s a really right, constructive range for the euro.”
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Dollar futures gain
March 12th, 2012
Dollar Index Futures – The dollar gained against most of its major counterparts as stronger U.S. economic data reduced bets the Federal Reserve would add to monetary stimulus, bolstering demand for the currency.
Higher-yielding currencies including Norway’s krone and the euro erased earlier losses against the dollar as stocks gained, amid increased demand for risk. The Australian and New Zealand dollars declined as China’s central bank weakened its daily fixing for the yuan after the nation had its biggest trade deficit in at least 22 years. The Dollar Index reached a six- week high after data last week showed U.S. employers boosted payrolls in February more than economists forecast.
“In the wake of those strong payrolls Friday, the market is left in a holding pattern ahead of retail sales and the U.S. Federal Open Market Committee meeting,” said Richard Franulovich, a senior currency strategist at Westpac Banking Corp. (WBC) in New York. “The dollar’s been driven higher by better news here.”
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