Currency traders look for signs of further rescue buying
Published:
27 September 2000 y., Wednesday
The euro drifted lower against the dollar and yen Monday as traders waited to see whether the Group of Seven industrialized nations would follow up on last week’s intervention with fresh euro buying. In afternoon trading in New York, the euro slipped to session lows just above 87 cents , pulling farther away from last Friday’s intervention peak above 90 cents but still well above the euro’s record lows below 84.40 cents.
In the absence of further central bank action, dealers say the single currency will keep grinding lower.
“I think the market is going to be looking for further intervention but I think the euro will struggle to make gains above $0.8850 through this session,” one currency dealer said.
On Friday, all G7 central banks intervened in concert to boost the sagging euro on foreign exchanges — the first coordinated intervention since 1995, stunning traders who had been betting the United States would not agree to sell dollars shead of presidential elections in November.
It was also the first time the European Central Bank had intervened since its birth 20 months ago.
The G7 finance ministers and central bankers meeting on Saturday reinforced the move, issuing a communique that stressed concern over the euro and made plain they were ready to do it again.
Šaltinis:
msnbc.com
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
During the meeting, which took place on 3 September 2009 the Bank of Lithuania approved the transaction, according to which AB Bank SNORAS will acquire 100 percent of the shares of AB “Finasta įmonių finansai” owning AB bank “Finasta”.
more »
The European Commission tabled yesterday its proposal on fishing possibilities for fish stocks in the Baltic Sea for 2010.
more »
Members of the Civil Liberties Committee voiced concern on Thursday over the interim agreement under negotiation between the EU and the United States on data transfers via the SWIFT network.
more »
Consumers in Cyprus, the Czech Republic, Hungary, Poland, Romania and Slovenia now have access to consumer magazines and websites, which provide independent, comparative testing of consumer products, following a three-year EU project co-financed by the European Commission.
more »
Funds management company “SNORAS Asset Management” will establish the first alternative investment fund in Lithuania - “SAM Renewable Energy Fund”.
more »
The re-launched Lisbon Partnership for growth and jobs has put innovation and entrepreneurship at the centre and called for decisive and more coherent action by the Community and the Member States in view of mastering the shift towards knowledge based low carbon economy.
more »
Helping dairy farmers now, as well as restructuring the dairy sector in the long run, is the way out of the current milk market crisis, Agriculture Committee MEPs told Agriculture Commissioner Mariann Fischer Boel in a debate on Tuesday.
more »
The EU is phasing out traditional light bulbs over the next three years in favour of a new generation of energy-efficient lighting.
more »
Lithuania increases the VAT rate from 19 % to 21 % from September 1, 2009.
more »
Two recent joint missions from three development finance institutions helped Thailand identify low carbon projects that could be eligible for Clean Technology Fund financing.
more »