In Europe, yesterdays trading saw the EUR move strengthen against the dollar. The EUR moved up 0.1% to $1.3176
More positive news came out of Europe regarding the eagerly awaited Greek debt reconstruction agreement. Latest briefs claim the much delayed deal is close to being finalized. However fears of constant repeats of broken promises and continued procrastination prevented more significant market movements.
Traders around the globe are eager this morning to see how debt sales in France and Spain will react and how subsequent movements in the currency rate will emerge. In recent debt auctions the ECB’s (European Central Bank) promise and input of almost 500 billion euros of low cost capital has assisted in increasing market demand.
In Australia the Dollar peaked at a long awaited and anticipated 5 month high against the American Dollar, touching $1.0758, before easing off slightly. The upward trend was in part as a result of new data portraying the Australian trade surplus pull back to a more comfortable level. The AUD managed to hit the swet spot of a five-month high against the USD feelings improved after various releases eased fears regarding global growth.
Market Analysts claim the AUD retracted slightly from earlier gains in most part due to simple day trading profit-takers.
In America the USD continued to fall against the Yen (as well as the EUR), falling 0.1% to 76.13 YPN representing a market point of a 3-month low of 76.027 yen that the USD hit on last week.
Since last week, the USD has falled under increasing pressure since the Federal Reserve reported it was almost certain to retain interest rates close to zero for upto the next 2 years.
