FOLLOW MARKETMOVES

EUR/USD update (3rd July 2012, 06:00)

In US trade, the euro reversed some of its stellar gains of the previous session as the initial euphoria over a series of initiatives designed to bring stability to the European banking system began to wane. 

Once again, the structural realities (read, difficulties) of the eurozone reared their ugly head when the Finnish government announced that Finland and the Netherlands will block ESM bond buying in the secondary markets.

This should serve as a timely reminder to global financial markets that anything agreed by EU leaders still needs to be ratified by each nation’s respective governments – no easy task in this environment where 'one size does not fit all'. Also not helping the euro’s cause was another set of lacklustre European economic data. June manufacturing PMIs for Germany, France and Italy did not serve up any nasty surprises, but they all remained stuck below the 50 threshold at 45.0, 45.2 and 44.6 respectively.

The corresponding PMIs in the UK and Switzerland beat expectations, however the broadly weak data now has the market’s focus squarely on the upcoming ECB meeting, where there are growing expectations that a rate cut of as much as 50 basis points is on the cards. Having ended yesterday’s Australian session around the 1.2625 level, the euro drifted to close US trade at 1.2576. Upon resuming for Asian trade, the euro has edged up marginally into the mid-1.2580 range.
comments powered by Disqus

All Forex News

Tags

, ECB, ESM Bond

Trusted Firms

All Reviews
AUD/USD update (23rd April 2014, 14:00) 23 Apr 2014

The Australian dollar has slipped following softer-than-expected inflation figures.

EUR/USD update (23rd April 2014, 13:00) 23 Apr 2014

The EUR/USD is higher after the eurozone manufacturing and services report exceeded estimates.

GBP/USD update (22nd April 2014, 19:00) 22 Apr 2014

GBP/USD looks set to continue its move higher, as it consolidates above $1.68.

EUR/USD update (22nd April 2014, 18:00) 22 Apr 2014

The EUR/USD is trading around the $1.38 level as traders return from the Easter holidays

Market Comment 22nd April 2014 22 Apr 2014

European equities are set to grind higher tracking a positive session overnight in the US. 

EUR/USD update (16th April 2014, 14:00) 16 Apr 2014

The euro is higher versus the US dollar, after the level of inflation in the eurozone remained unchanged in March.

GBP/USD update (16th April 2014, 13:00) 16 Apr 2014

UK unemployment has now dipped below 7%, the initial threshold level the Bank of England introduced in August but reneged upon last month, which has s...

Market Comment 16th April 2014 16 Apr 2014

European equities are set to open higher tracking an overnight surge in the US markets. 

EUR/USD update (15th April 2014, 15:00) 15 Apr 2014

Having popped its head above the $1.39 level at the tail end of last week, EUR/USD has found itself pulled back.

Market Comment 15th April 2014 15 Apr 2014

European equities are set to open flat as they’re caught between two competing poles of sentiment. 

AUD/USD update (14th April 2014, 18:00) 14 Apr 2014

The Australian dollar is gaining ground against the US dollar, as traders prepare for the latest minutes release from the Reserve Bank of Australia.

EUR/USD update (14th April 2014, 16:00) 14 Apr 2014

The euro is under pressure against the US dollar as tensions in eastern Ukraine weigh on the currency.

Market Comment 14th April 2014 14 Apr 2014

European equities are set to start on the back foot as last week’s negative sentiment remains firmly intact. 

GBP/USD update (11th April 2014, 16:00) 11 Apr 2014

After touching $1.68 yesterday, sterling has dropped back, hit by weaker UK construction output figures.

EUR/USD update (11th April 2014, 16:00) 11 Apr 2014

If we see the euro close above $1.39 today, then it will be the icing on the cake for the currency, which has enjoyed a remarkable week.

Market Comment 11th April 2014 11 Apr 2014

European equities are set to open lower tracking overnight declines in the US. 



Share this with your friends

To:
From:
Your comments:

EUR/USD update (3rd July 2012, 06:00)

In US trade, the euro reversed some of its stellar gains of the previous session as the initial euphoria over a series of initiatives designed to bring stability to the European banking system began to wane. 

Read more »

Connect to successful traders – join Marketmoves.com free now

Log In or Sign up

Facebook User?

You can use your facebook account to sign up with Live streaming sport.

Connect with facebook
Remember me.
Did you forget your password?