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25.09.2012 07:22

Forex: Monday’s review

 

 

Yesterday the euro fell to one-week low against the dollar after an index of German business confidence unexpectedly fell in September, adding to signs that the euro zone debt crisis hinders the region's economy.

The single currency continued its five-day decline against the yen after German Chancellor Angela Merkel and French President Francois Hollande were unable to agree on the start time of a single regulator of the banking sector in the eurozone. German Chancellor Angela Merkel and French President Francois Hollande In the last weekend of negotiations failed to agree on the start time of a single regulator of the banking sector in the eurozone. F.Olland stands for "as quickly as possible activation" controller, while Merkel rejects those calls.

IFO institute in Munich said its business climate index fell again, registering with the fifth consecutive drop in a row.

The Australian dollar weakened on speculation that growth in China, which is its biggest trading partner, is deteriorating. According to the head of the National Development and Reform Commission Zhang Ping downward pressure on the economy of the Asian countries is increasing, the problems in Europe are still in the phase of 'high risk', and the global economic recovery is "rough."

The yen strengthened against all major currencies amid falling stocks triggering a series of stop orders in the market, which accelerated the overall decline observed.

In accordance with the released data, Japan's economy back on the road to recovery. At the same time, the Bank of Japan unexpectedly increased its asset purchase fund to 55 trillion yen ($ 710 billion).

The New Zealand dollar fell on speculation that the differences between the leaders of the eurozone could cause a negative impact on growth prospects, leading to a decline in demand for higher-yielding assets.


Market Focus

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  • ECB's Mersch says as conditions normalise, it is unlikely that uncoventional policies will remain necessary
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