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05.11.2012 13:19

European session: the euro fell to the lowest in almost eight weeks against the dollar

 

 09:30 Eurozone Sentix Investor Confidence November -22.2 -20.7 -18.8

09:30 United Kingdom Purchasing Manager Index Services October 52.2 52.0 50.6

The euro fell to the lowest in almost eight weeks against the dollar amid speculation Greece will struggle to win bailout funds, risking the nation’s future in the European currency bloc.

The euro declined versus all its 16 major counterparts after Greek Prime Minister Antonis Samaras pledged yesterday that proposed wage and pension cuts will be the last as he struggled to win political support for measure to assure the country’s lifeline.

Greek society won’t tolerate any more austerity measures, Samaras told lawmakers of his New Democracy Party in Athens, as coalition leader debate the terms of the latest package. The first parliamentary vote on measures needed to obtain additional aid is scheduled to take place as early as Nov. 7.

The Dollar Index rose for a third day before tomorrow’s U.S. presidential election. The U.S. currency rose against 13 of its 16 major peers on speculation the winner of this week’s presidential election will press ahead with plans to curtail the nation’s deficit.

Employment and the economy are central themes before tomorrow’s vote, with President Barack Obama and Republican nominee Mitt Romney each trying to convince voters he can best energize the economic expansion.

The pound declined for a second day versus the dollar after an industry report showed U.K. services growth slowed more in October than economists forecast.

Sterling fell before the Bank of England holds a two-day meeting this week to decide whether to increase monetary stimulus through so-called quantitative easing.


EUR / USD: during the European session, the pair set a low at $ 1.2766
GBP / USD: during the European session, the pair showed a significant decline, setting ow of $ 1.5960
USD / JPY: during the European session the pair fell to Y80.19

At 13:30 GMT Canada will release the change in volume of building permits issued in September. At 15:00 GMT the U.S. will ISM composite index for the non-production sphere for October. At 21:45 GMT New Zealand will publish a change in the level of pay in the private sector, excluding overtime for the 3rd quarter.

05.11.2012 13:03

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