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EUR/USD update (21st Aug 2012, 06:00)

In US trade, the euro recovered from earlier modest losses against the dollar, as investor risk sentiment continues to improve. 

The euro had initially come under pressure after the ECB refuted a Der Spiegel report that the central bank had plans to set a cap on sovereign yields. The Bundesbank, in its August monthly report, noted that it views government bond purchases by the ECB ’critically‘ as they entail ’substantial stability policy risks‘, disappointing those hoping for an open-ended securities purchase programme by the ECB. Despite the Bundesbank’s objection to the reinstatement of a bond purchase programme, Spanish 10-year yields dropped a further 16 basis points to 6.2%, allowing the euro to edge higher. The pound also managed to creep higher against the dollar, with traders continuing to be unsure how to position themselves ahead of key central bank meetings from the ECB and the Fed between now and mid-September. With limited economic data for consideration in the first part of the week, this indecisive trend is likely to continue in the near term. 

Thin trading volumes and narrow trading ranges for both equities and currencies is testament to this. Having ended yesterday’s Australian session around the 1.2335 level, the euro hit a session low of 1.2295, before recovering to end US trade at 1.2345. Upon reopening for Asian trade, the euro is essentially unchanged. In a similar vein, the pound edged up from 1.5695 at the close of the Australian session to 1.5712 and remains essentially unchanged in Asian trade.
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EUR/USD update (21st Aug 2012, 06:00)

In US trade, the euro recovered from earlier modest losses against the dollar, as investor risk sentiment continues to improve. 

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