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March 6th, 2012
Euro Futures – The euro declined to a two-week low versus the dollar after a report showed the region’s economy contracted last quarter, adding to signs the European debt crisis is hampering global growth.
The yen rose against all its major counterparts and gained for a fifth day against the 17-nation currency as 20 percent of Greece’s private creditors have agreed to debt restructuring. Australia’s dollar weakened for a third day after the central bank said there’s scope to cut interest rates. Norway’s krone and Canada’s dollar slumped as oil prices declined to a two-week low as the European Union offered to restart talks with Iran.
“Growth is lingering in the background because people are so focused on Greece and central-bank headlines, but when you look at it from a broader perspective, that is going to weigh on the euro,” said Eric Viloria, senior currency strategist for Gain Capital Group LLC in New York.
The euro slid 0.7 percent to $1.3122 at 12:02 p.m. in New York, after touching $1.3111, the lowest level since Feb. 16. The shared currency dropped 1.7 percent to 105.93 yen, extending its decline in the past week to 2 percent. The dollar slipped 1 percent to 80.73 yen.
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February 24th, 2012
Currency Futures – The yen fell to a three-month low against the euro as foreign-exchange volatility declined to its lowest level since August 2008 and signs of global growth prompted demand for higher-yielding currencies.
South Africa’s rand and Norway’s krone climbed as a measure of U.S. consumer sentiment for February rose higher than economists predicted. The euro strengthened a third day as officials prepared to address the debt crisis when Group of 20 nations meet tomorrow. The yen extended its drop against the dollar to 4.1 percent since the Bank of Japan unexpectedly expanded its asset-purchase program on Feb. 14.
“You could put the decline in the yen and the gain in some of the European currencies in the context of a more constructive mood on the market and positive attitudes about recent developments,” said Nick Bennenbroek, head of currency strategy at Wells Fargo & Co. in New York. “Developments are continuing to move in an overall favorable direction and that’s why we’re seeing the markets behaving as they are.”
The yen fell 1.7 percent to 108.74 per euro at 10:31 a.m. New York time, after reaching 108.82 yen, its weakest level since Nov. 1. It’s poised for a 4 percent drop since Feb. 17, the third-straight weekly decline. Japan’s currency slipped 1 percent against the dollar to 80.77 yen. The euro rose to more than $1.34 for the first time since Dec. 9, trading 0.7 percent higher at $1.3464.
The pound rose for a second day against the dollar after the government’s economic-growth report showed consumer spending rose more than analysts forecast, boosting speculation the U.K. will avoid a recession.
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