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16.01.2012 08:27

Forex: Weekly’s review

On Monday the euro rose to a 16-month low against the dollar after meeting, German Chancellor Angela Merkel and French President Nicolas Sarkozy, specify a new set of rules of financial discipline discussed at the summit on December 9.

It became known  of the resignation of the head of the Swiss National Bank Philipp Hildebrand. The resignation is related to the recent scandal of illegal operations with the use of insider information. Frank has become stronger after reports of the resignation of the head of the Swiss central bank.

On Tuesday the dollar declined  as US stocks advanced, damping demand for safer investments. The euro’s gains were tempered before Spain and Italy sell debt this week amid concern the nations will struggle to meet funding needs. Spain will auction as much as 5 billion euros of bonds due in 2015 and 2016 on Jan. 12, and Italy will sell 12 billion euros of bills the same day.

On Wednesday the euro weakened to a 16-month low versus the dollar and dropped for the first time in three days against the yen amid speculation France’s credit rating may be downgraded and Europe’s sovereign debt crisis will worsen. The shared currency declined against 14 of its 16 most- traded peers even after French Finance Minister Francois Baroin denied having been notified by a ratings company that the nation’s top rating will be cut. The euro extended losses as leading members of the European Parliament objected to a planned German-led euro fiscal treaty.

On Thursday the euro rose to a one-week high versus the dollar after European Central Bank President Mario Draghi said he saw signs of stabilization in the economy and Spain sold almost twice its maximum target at a note auction.

The shared currency appreciated versus 14 of its 16 most- traded peers as Italian borrowing costs dropped at a bill auction. The ECB left its benchmark interest rate unchanged. The dollar fell the yen after data showed U.S. retail sales increased less than economists forecast.

On Friday the euro dropped amid speculation Standard & Poor’s may downgrade the credit ratings of several countries in the 17-nation currency region. The shared currency amid reports talks between Greece and its creditor banks were put on hold. The Dollar Index climbed as U.S. stocks fell after JPMorgan Chase & Co. said profit declined. The dollar climbed  as risk appetite faded and investors sought refuge.

Germany, Europe’s biggest economy, will retain its AAA rating in a review of euro-area countries’ credit grades by S&P, a European government official said. France is among several euro-area countries facing downgrades by S&P in the review, which is due 20:0 GMT, the official said on condition of anonymity because the announcement has yet to be made. Austria will probably lose its AAA rating on concern about bad debts at the country’s banks, according to a person familiar with the matter.

Market Focus

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  • German private sector output growth slowed for the second month running in July
  • ECB's Mersch says as conditions normalise, it is unlikely that uncoventional policies will remain necessary
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