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Euro Remains Small Rise Against Dollar In A Market Without Momentum:

  

Euro Remains Small Rise Against Dollar In A Market Without Momentum

Euro Remains Small Rise Against Dollar In A Market Without Momentum. The euro was displayed slightly higher against the dollar on Friday but remained under pressure in a market worried by the European divisions of the proper role of the European Central Bank (ECB) deal with the debt crisis.

On Thursday 22:00 GMT, the euro bought 1.3519 dollars against 1.3457 dollars.

Faced with the Japanese currency, the euro also gained ground to 104.00 yen against 103.60 yen on Thursday.

The dollar stabilized against the Japanese currency to 76.92 yen against 76.98 yen yesterday.

The improvement (recorded for the euro) reflects the hope (the market) to see a solution, rather than confidence,” said Nick Bennenbroek from Wells Fargo Bank to AFP.

In fact, analysts have commented Commerzbank, “concerns the ability of countries in the euro area to refinance the financial markets go up.

Like Italy earlier this week, Spain is now accept very high levels to get to issue new bonds.

Spain had to accept rates close to 7% on Thursday to borrow securities to 10 years on the market, a level considered unsustainable in the long term for highly indebted countries which had opened for Greece, Ireland and Portugal the path to a request for external financial assistance.

Spain is more scrutinized than the general election on Sunday could see the main opposition party, the Popular Party, won a landslide victory of the Socialist Party in power for seven years.

In this context, the conflict between supporters of greater intervention by the ECB and the defenders of orthodoxy.

The new President of the ECB, the Italian Mario Draghi, reiterated that the role of the institution was to defend the stability of the currency, that’s it, he stressed.

A compromise must still be found, or we may witness a coup within the ECB,” wrote Societe Generale in a note adding that Berlin will be required, given the gravity of the situation, abandon his principles to save the euro.

Many observers already suspected to be the ECB intervened to buy Spanish and Italian bonds, relieving the pressure on Rome and Madrid.

The weekends are always the opportunity to obtain new agreements and advertisements and it is increasingly clear that serious discussions are taking place behind the scenes right now,” said Sebastien Galy, currency trader at Societe Generale as reported by Associated Press.

By 22:00 GMT, the British pound fell against the euro at 85.56 pence per euro but rose against the greenback at 1.5798 dollar.

The Swiss franc rose against the euro at 1.2388 francs, as against the greenback at 0.9162 francs per dollar.

The Chinese yuan ended at 6.6551 yuan against one dollar for 6.3515 yuan yesterday.



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