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29.10.2012 08:01

Forex: Friday’s review

 

On Friday the euro rose sharply against the dollar, but was unable to hold its positions, and yet depart from the maximum values ​​reached with the opening levels of the day, which was due to concern over the fact that Spain will ask for financial assistance to meet their problems. Also in the course of the day the single currency fell after the Spanish unemployment data showed that the unemployment rate has reached record levels.

Note that a request for help from Spain, which is the fourth largest economy in the euro zone will be considered positive for the euro, because this will allow the European Central Bank to start buying bonds, and reducing the cost of borrowing for countries with high debt.

Also, in a joint statement, the European Central Bank and the European Commission said that Spain is on the way to fix your problems in the financial sector, but this requires more drastic measures that will be used to address some problem banks.

The dollar sharply and suddenly fell against the euro after data showed that U.S. GDP grew by 2.0% in the third quarter, following growth of 1.3% in the second quarter, and the expectations of 1.9 %.

The dollar fell against the yen, after reaching a four-month high on expectations that the Bank of Japan will take further measures to mitigate the monetary policy during its meeting next week. Experts predict that the central bank will increase the asset purchase program as the target inflation rate of 1%, is likely to be unattainable, even in the financial year starting in April 2014.

The dollar index (DXY), which is used to track the value of the dollar against the currencies of six U.S. partner has changed a bit while still achieving the level of 80.094.


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