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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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November 15th, 2011
The euro sank for a second straight day against the dollar and yen Tuesday as evidence of European economic stress continued to build and as bond market traders dumped anything but the safest sovereign debt, unnerved by the continuing failure of policymakers to draw a line under the euro-zone debt crisis.
Against the Japanese currency, the euro fell in European trading hours to trade below JPY104, while against the buck it tumbled toward $1.35, having traded above $1.38 at the start of the week.
Despite some buying of Italian government debt by the European Central Bank, yields rose on bonds issued by most euro-zone member sovereigns–super-safe Germany’s the biggest exception–as concerns spread from the bloc’s periphery to the core and traders lamented the lack of more forceful action by policymakers, such as making the ECB a lender of last resort.
“People have realised that until we get a real game changer, like the euro-zone suddenly making the mother of all U-turns… or some external intervention like the International Monetary Fund, it’s going to be really hard to turn this around,” said Geoffrey Yu, director for foreign exchange strategy at UBS AG, who expects the single currency to drop to $1.25 against the dollar or lower in 2012.
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