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16.12.2011 13:51

European session: The euro headed

08:30 Eurozone ECB President Mario Draghi Speaks

08:30 United Kingdom BOE Gov King Speaks

10:00 Eurozone Trade Balance s.a. October 2.1 1.3 0.3


The euro headed for the steepest weekly drop versus the greenback in three months as European nations prepare for bill auctions next week amid concern policy makers can’t contain the region’s debt crisis.

France is scheduled to sell as much as 7 billion euros ($9.1 billion) of bills on Dec. 19. Spain and Greece will also offer short-term government securities next week. Gains in the euro were also limited after European Central Bank President Mario Draghi said yesterday there’s no “external savior” for indebted countries that don’t implement structural reforms and the central bank’s program of buying government bonds isn’t limitless.

The Swiss franc fell against higher- yielding currencies as gains in equity markets damped demand for safer assets.

Switzerland’s currency depreciated against 11 of 16 major peers tracked by Bloomberg, falling the most against the New Zealand dollar and the South African rand. It retreated from the strongest level in six weeks against the European single currency, reached yesterday after Swiss National Bank policy makers led by Chairman Philipp Hildebrand kept the franc’s ceiling at 1.20 per euro at a meeting in Zurich.


EUR/USD: the pair holds in range $1.3000-$ 1.3045, but showed new session high later.

GBP/USD: the pair showed new session high at $1.5550.

USD/JPY: the pair holds in range Y77.80-Y77.95.

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