Market News

In Asian trading, the Euro wallowed near to a 4-month low versus the U.S. Dollar, but traders expect a continued downtrend following the stalemate in Greek politics which will usher in a new election, certainly, but moreover, the increasing risk of a Greek exit from the Eurozone.

Traders are growing increasingly worried that the political impasse staged by the ruling parties in Greece will ultimately lead to the country’s pull out from the Eurozone which is pushing the common currency lower in Asian trading.

Greece’s political leaders failed again to find some common ground and form a coalition government to move the country forward, with the likely outcome first another election within the next few weeks and later a possible withdrawal from the Eurozone.

The Euro struck a 3½ month low against the U.S. Dollar in Asian trade as news of $2 billion over the past six weeks in trading losses by JP Morgan caused some market jitters and risk aversion.

The Euro continues to hold close to a multi-months low versus the U.S. Dollar held there by Greece’s political deadlock.

The Euro strayed near to a recently struck 3-month low during the Asian trading session as investors worry that political uncertainty in the Eurozone may jeopardize plans to tackle the debt crisis there.

The Euro remains under pressure in the wake of Eurozone elections but analysts say that short covering could provide some support.

The Euro tanked hard against the U.S. Dollar in Asian trading as the results of the Greek and French elections suggest uncertainty for the Euro’s future. In France, Nicolas Sarkozy has lost his bid to become a 2-term president and in Greece, the current ruling party has lost its majority.

The U.S. Dollar steadied in Asian trade versus both the Japanese Yen and the Euro but could be under significant pressure if today’s U.S. Non-farms data disappoints as it did in March.

The Euro slipped and held near to a 2-week low versus the U.S. Dollar, falling overnight as still more dismal economic news puts pressure and the spotlight on the European Central Bank which will announce the outcome of its monthly policy meeting later today.

The U.S. Dollar recovered in Asian trading, bouncing back from a 2½ month trough against the Japanese Yen following the data release yesterday which showed that U.S. manufacturing grew at its strongest rate in nearly 10 months.

The Reserve Bank of Australian was widely expected to cut interest rates at their policy meeting today but surprised markets with a 50 basis points reduction rather than the expected 25 points.

Following Friday’s unexpectedly dismal growth report from the United States,, the U.S. Dollar continues to be under pressure as the new trading week unfolds in Asia.

The Japanese Yen slipped broadly lower earlier as the Bank of Japan increased their asset purchase program by 10 trillion Yen, slightly more than experts had expected.

The U.S. Dollar Index stayed close to a 3-week low as the Federal Reserve took a more dovish stance than markets were expecting.