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19.12.2012 08:01

Forex: Tuesday’s review

 

 

Yesterday, the euro rose against the dollar to its highest level in seven months, as the increased probability of U.S. lawmakers still unable to reach an agreement that would avoid the so-called "financial cliff", which immediately caused the strengthening of the economic outlook and reduced demand for safe-haven assets. The single currency was also added after the public debt auctions in Spain and Greece. As it became known, Madrid sold in 3 months. securities at € 1.58 billion, the yield was 1.195% (vs. prev. 1.254%) and 6-months. securities - at € 1.95 billion, with a yield of 1.609% (1.669% prev). At the same time, the yield of 3-month Greek. Bills sold in the amount of € 1.3 billion, also decreased to 4.11% (last 4.2%). Note that both the government managed to raise the amount of money than the planned amount.

The yen fell for the sixth day against the euro ahead of a two-day meeting of the Bank of Japan. Many analysts predict that it will be decided on a program increase of monetary stimulus, which should have a downward pressure on the yen.

The dollar index (DXY), which tracks the greenback against six currencies, the U.S. partners, fell 0.3% to 79.341, after falling to its lowest level since Oct. 19.

Also in the course of the negotiations today with the U.S. President, the Speaker of the U.S. House Boehner said the president's plan is unbalanced. At the same time, he said that they would continue to seek a compromise, but will also work on a contingency plan, which will be balanced. Boehner added that Republicans are willing to support the proposal to raise tax revenues by $ 1 trillion, but only in the case of parallel spending cuts of $ 1 trillion.


Market Focus

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  • 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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