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05.11.2012 19:25

American focus: the dollar continued to strengthen

The euro fell to its lowest level in almost eight weeks against the dollar on worries that Greece might leave the euro zone, if the parliament does not approve a new round of austerity measures in a vote on November 7. Greek parliament has for the package of measures to reduce costs, increase tax and other reforms in the amount of 13 billion euros. If the measures and the budget for 2013 are approved, Greece will be able to get help from the European Union and the International Monetary Fund.

The dollar index rose 0.2% to 80.78, registering growth of the third day in a row, before tomorrow's U.S. presidential election.

The dollar rose against most of its 16 major counterparts on speculation that the winner of the presidential election this week is promoting a plan to reduce the deficit of the country.

The pound fell for a second day against the dollar after a report showed that the PMI index in the services sector declined significantly in October, raising concerns about the sustainability of recovery, which was noted in the third quarter. According to the study index purchasing managers in the services sector fell in October to the level of 50.6 from 52.2 in September, registering with the lowest value in the last 22 months. But, despite this, the figure is still above 50, that indicates expansion in the sector. Also, the fall of the currency was due to expectations of market participants the two-day meeting of the Bank of England, which will discuss the measures of monetary stimulus.

The Canadian dollar fell from almost one-week high, as the appetite for risk among investors began to wane on fears that Greece will strive to obtain the next tranche of aid from the eurozone. Note also that the published data from the U.S., which is the largest trading partner of Canada, showed that the index of business activity in the services sector fell in October to the level of 54.2 from 55.1 in September. At the same time, economists predicted that the figure will drop to the level of 54.5.


05.11.2012 18:20

European stocks close:

Market Focus

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  • U.S. commercial crude oil inventories decreased by 4.7 million barrels from the previous week
  • Australian unemployment rate stable at 5.6% in June
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