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22.10.2012 07:21

Forex: Friday’s review

 

 

Yesterday the euro declined for a second day against the dollar after Spanish Prime Minister Mariano Rajoy said his nation doesn’t feel under any pressure to ask for a bailout, fueling concern the debt crisis will be prolonged. Rajoy said at an EU summit in Brussels that has made "significant progress" and showed the EU that will meet their obligations. He also said that his government will decide on the assistance based on the interests of Spain.

The 17-nation currency dropped for the first time in seven days versus the yen on speculation this week’s European Union summit in Brussels will fail to provide clarity on potential financial aid for Spain and the allocation of the next tranche of Greece.

At the same time, at the summit, it was decided to create a European system of banking supervision in 2013. Germany managed to convince the EU summit to delay the creation of a European system of banking supervision. The Heads of State and Government decided to implement the plan "for 2013." Previously, several countries insisted on establishing control on January 1 next year. Diplomatic sources say that banking supervision will be operational in early 2014 and spread to all of the 6,000 banks in the euro zone. The European Central Bank (ECB) will always give national regulatory authorities on the audit assignment of individual banks. However, if necessary, the ECB could itself supervise.

The pound gained against the euro after the U.K. budget deficit narrowed. In the UK in September, net debt of the public sector amounted to 10,732 billion pounds compared with an expected 11.0 billion pounds.

Canada’s dollar weakened to an eight-week low against its U.S. counterpart after September consumer prices data trailed forecasts. In September, the annual inflation rate in Canada remained at the previous level of 1.2%, leaving the Bank of Canada is less than the arguments in favor of maintaining the upward sentiment against interest rate decision which will be announced next Tuesday.

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