Market News

The Euro continues to hold close to a 2-month peak versus the greenback on investor euphoria driven by the ECB’s plan to face the Eurozone debt crisis head on.

The common currency Euro held near to a 2-month high against the U.S. Dollar during the Asian trading session as Wednesday’s rally continues to broadcast investor hopes that the ECB might have a new weapon against the Eurozone debt crisis.

As the European Central Bank prepares to meet later today, the common currency Euro slipped versus the greenback during the Asian trading session though underlying support should keep the EUR/USD pair within a relatively tight trading band.

Two days before a critical ECB meeting that is expected to reveal how the European Central Bank plans to help its struggling members, the Euro started climbing. The gains remained stable during Tuesday’s Asian session.

The U.S. Markets are closed today for the Labor Day holiday. The Japanese yen rose against the Australian Dollar to 80.12, New Zealand Dollar to 62.60, and the Euro dropped to 1.2575.

Reports from the US on Thursday indicated that US consumer spending rose significantly in the past two months, hitting the highest point in the last five months.

Asian shares hit a one-month low during Thursday’s Asian session as investors brace themselves for the highly-anticipated remarks of Federal Reserve Chairman Ben Bernanke who will be addressing the Fed Summit in Jackson Hole, Wyoming on Friday.

The G-7 countries, long recognized for being the world’s leading industrialized economies, pleaded on Tuesday for a greater oil output from the largest oil-producing countries.

The last week of August started off with volatility on Monday as German reports confirmed the country’s weakest business confidence index since 2010.

Following its decline at the end of last week, the Euro remained low during Monday’s Asian session, as investors waited anxiously for reports about German business confidence which are due out later today.

The euro snapped a four-day advance against the dollar as Greek Prime Minister Antonis Samaras prepared to meet with his German and French counterparts to ask for more time to meet economic targets.

The US Dollar weakened versus all major currencies after minutes of the FOMC Meeting showed that officials are getting ready to add more stimulus if the economy doesn’t show signs of expansion . Today, the Initial Jobless Claims are expected with 365K versus 366K previously and New Home Sales are expected with 363K versus 350K previously.

Wall Street exchanges closed the trade last night with a red candle, in light of the investors' expectations of finding hints regarding the FED's protocol about to be published today, signing a decision to stream a third quantitative easing program (QE3).

Asian stocks headed for a 3 month high on Tuesday as investors await this week’s US housing and durable goods reports, both of which are expected to show that the country’s economic status is gradually improving.

The Euro gained 0.4 percent last week, hitting $1.2334, and there are strong positive signs that the common currency will continue gaining over the next few months.