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21.11.2011 19:30

American focus: euro rose

The euro rose against the U.S. dollar against the backdrop of media reports that a special committee ("supercommittee") of the U.S. Congress, designed to reduce the budget deficit will soon announce the failure to reach a compromise solution. Before November 23 "supercommittee" must submit a plan to reduce the budget deficit ($ 1.2 trillion. For 10 years), however, to the present moment, the consensus between Republicans and Democrats on the structure of public spending cuts was not found until. Despite the fact that the costs would be cut in any case (after the "dip" in the negotiations the country will face automatic "sequestering" the budget for the same amount), the inability of the major parties to take a decision on the consolidated fiscal policy could provoke a new round of concerns about reducing the country's sovereign rating international agencies (Fitch and Moody's).

Earlier, the euro fell against the dollar and the yen amid growing profitability of French, Spanish and Belgian bonds. Bonds in France today showed growth after rating agency Moody's said that the increase in the cost of borrowing for France could negatively affect its credit rating, which is now at AAA. As a result, the yield on 10-year French bond rose 8 basis points to 3.53%. Bond Fund Global Sovereign Open Fund, owned by Kokusai Asset Management, sold November 17, Spanish and Belgian government bonds. This has contributed to the profitability of Spanish and Belgian bonds also showed growth.

The Swiss franc rose most of its major counterparts as investors sought refuge.

The British pound fell to a month low against the U.S. dollar after British Prime Minister Cameron today announced that next week the government will present an ambitious scheme of credit easing, as the UK must tackle its own debt. Sterling fell against the dollar and euro as home sellers in the U.K. cut asking prices.

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