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Market Review - 10/08/2011 21:21 GMT

Euro tumbles on concerns over French credit rating and bank woes

The single currency tanked against most of its counterparts on Wednesday as investors were worried about a possible downgrade of France's AAA credit rating and its banks exposure to eurozone debt.

The single currency traded sideways in Asian session, reaching a low of 1.4310 in European morning before staging a rebound above Australian high of 1.4398 to 1.4402. However, the pair retreated sharply on risk aversion together with the selloff in global stock markets on speculation that France will be the next AAA-rated country to be downgraded and extended its selloff to 1.4163 in NY morning on worries ...

Market Review - 08/08/2011 22:03 GMT

Yen, Swiss franc surge on U.S. downgrade

The Japanese yen and the Swiss franc rallied against other currencies on Monday as the U.S. credit rating downgrade by Standard & Poor prompted investors to buy safe-haven currencies. The single currency tumbled by 300 points as the purchase of Spanish and Italian bonds by the ECB failed to alleviate worries about the spreading debt crisis.

Versus the yen, although the greenback opened lower in NZ to 77.60 on risk aversion after S&P downgraded the U.S. credit rating to AA+ fm AAA over the weekend, the pair bounced back to 78.47 on fears of BoJ intervention. However, price then ratcheted lower as no action was ...

Market Review - 06/08/2011 01:09 GMT

Euro surges on hopes of expanded ECB bond buying programme

The single currency rallied on Friday's news that the ECB is likely to buy bonds from troubled Italy and Spain to reduce eurozone contagion risks and to restore investors' confidence. Better-than-expected U.S. jobs report data failed to ease worries about the global economy.

Earlier, although euro extended Thursday's selloff to 1.4055 in Australia, the single currency ratcheted higher on short-covering in Asian and European sessions and rose to 1.4232 in NY morning after the release of better-than-expected U.S. jobs data. Later, despite euro's retreat to 1.4146, the pair surged to a session high of ...

Market Review - 04/08/2011 22:38 GMT

Yen tumbles on BoJ intervention
The Japanese yen fell broadly against the greenback and other currencies on Thursday as Bank of Japan sold its currency to stem the yen's recent strength. The single currency tumbled sharply in NY morning as ECB President Jean-Claude Trichet said the ECB has resumed its bond-buying programme amid growing fears of EU debt crisis.

Versus the Japanese yen, the greenback rallied sharply from 77.00 to 80.25 as the BoJ intervened unilaterally in the currency market in Asian and European sessions to weaken its currency by selling an estimated one trillion yen ($12.5 billion) against other counterparts. However, the pair retreated on long ...