- 21 May 2012
EUR stages recovery but investors remain sfkeptical
The euro bounced back from recent lows against its safe-haven currency rivals on Friday, as investor fears regarding the Greek political crisis have begun to subside. Furthermore, the euro received a boost as investors expected world leaders to express their support for the euro at the weekend's G8 summit. In addition to the 135 pip gain against the US dollar, the euro was up over 80 pips vs. the Japanese yen. The EUR/JPY closed out Friday's trading session at 100.94. Against the British pound, the euro was up 50 pips for the day while the EUR/AUD closed out the week up over 150 pips.
- 16 May 2012
Euro extends bearish trend amid additional greek problems
The inability of Greek politicians to form a new government resulted in calls for a new election, which increased investor fears that Greece could default on its debt and have to exit the euro-zone. In addition to losses taken against the US dollar, the common currency also fell against the safe-haven Japanese yen and British pound. The EUR/JPY dropped over 70 pips during the European session, reaching as low as 102.15. The EUR/GBP was down over 40 pips, reaching 0.7969 before staging a slight reversal late in the day.
- 14 May 2012
Euro continues to fall amid Greece worries
The prospect of fresh elections in Greece combined with news that a leading US bank suffered a $2 billion loss due to a poor trading strategy, caused investors to shun riskier assets to close out last week's trading session. The euro took heavy losses as a result of the news, falling to a 3 ½ month low against the US dollar during early morning trading. That being said, the common currency was able to stage a recovery against the British pound, after dropping as low as 0.7995 during Asian trading. The EUR/GBP eventually closed out the week at 0.8037.
- 18 May 2012
Euro limits losses in slow trading day
After dropping as low as 1.2666 during the morning session, the euro was able to recoup some of its losses against the US dollar, reaching as high as 1.2736. The currency was able to benefit from poor US manufacturing data which turned the USD bearish. Analysts were quick to warn that fears that Greece will be forced to exit the euro-zone is weighing down on the euro and that any gains could turn out to be temporary. Risk aversion in the marketplace following the disappointing US news caused the euro to fall against the Japanese yen. The EUR/JPY dropped over 60 pips during mid-day trading, eventually hitting the 101.32 level.
- 15 May 2012
Poor industrial production figure causes euro to slide
The euro took additional losses against its main currency rivals during yesterday's trading session following the release of a disappointing euro-zone industrial production figure. The figure came in at -0.3%, well below the 0.5% result analysts had been predicting. Following the news, the euro dropped over 40 pips against the US dollar, eventually hitting a new four-month low. Against the British pound, the euro dropped close to 50 pips, eventually reaching as low as 0.7983 during the afternoon session.
- 11 May 2012
Fresh greek worries lead to additional EUR losses
Investor concerns about the Greek political situation kept the euro near a three-month low against both the US dollar and Japanese yen during trading yesterday. Greek political parties have so far failed to form a government, raising the prospects that fresh elections will be held in the coming weeks. After dropping as low as 1.2924 during early morning trading, the EUR/USD staged a slight recovery, eventually reaching as high as 1.2970 toward the close of the European session. Against the yen, the euro fell as low as 102.94 before staging an upward correction and climbing as high as 103.72.