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13.11.2012 08:40

Forex: Monday’s review


Yesterday the
euro traded close to a two-month low against the dollar as a draft policy makers’ report said Greece may require an extra $15 billion during the next two years and there are “very large risks.”

Europe’s shared currency traded at almost a one-month low against the yen after the report about the so-called troika as European leaders prepare to meet to seek a plan to maintain Greece’s solvency. Giving Greece a two-year extension to meet budget targets would ease the impact of austerity measures, the troika said.

The Australian dollar rallied after a bigger- than-estimated trade surplus in China improved prospects for commodity exports. China’s exports exceeded imports by $32 billion in October, the customs administration said Nov. 10, compared with a $27.3 billion trade surplus estimated by economists. China is Australia’s biggest trading partner.

The pound fell amid speculation the Bank of England’s latest growth and inflation projections may lead to more asset purchases. The Bank of England’s quarterly report is due in two days and may provide room for further asset purchases to boost growth. The central bank refrained from adding more stimulus at its most recent policy meeting, minutes from which are due next week.


Market Focus

  • The eurozone started the third quarter on a solid footing, according to PMI survey data
  • Earnings Season in U.S.: Major Reports of the Week
  • 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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