Market News

The Euro received a major lift yesterday following the announcement that the major central banks would coordinate efforts to ensure that there would be no dearth of global liquidity as a result of the ongoing Eurozone crisis.

The markets’ continuing skepticism as to whether a possible solution to the Eurozone debt crisis will be found by the region’s finance ministers meant that the Euro remained under pressure in Asian trading

With investor hopes still pinned on the Eurozone’s leadership to craft a solution to the ongoing debt crisis saga, the common currency moved higher against the U.S. Dollar in Asian trading, consolidating Monday’s gains.

Investor’ short covering helped to push the Euro higher earlier in the in Asian trading following an initial and uncredited report in an Italian newspaper which said that the International Monetary Fund was arranging an assistance package for Italy.

The Euro continues to suffer the aftershocks created when Germany’s sovereign bond auction failed to sell out.

The U.S. Dollar saw broad gains against major currencies in the Asian trading session, as investors again sought refuge in the safe haven assets.

Following news of a victory for Spain’s center-right opposition party, cautious optimism helped to buoy the Euro in Asian trading. The People’s Party is expected to bring in more austerity measures, necessary for the country to restore market confidence.

The Euro struck a fresh 5-week low against safe haven currencies in Asian trading today as investors shunned the common currency.

The Euro fell to a new 1-month low versus the safe haven U.S. Dollar and Japanese Yen in Asian trading day as contagion worries escalate following the disappointing outcomes of Italian and French bond auctions.

The Euro continues to be under pressure in Asian trading, following yesterday’s rise in bond yields at the Italian and Spanish debt auctions, evidence which highlights the challenges that the Eurozone faces even as it tries to reassure investors that the debt crisis is containable.

With investors hopeful that the new Italian government, under Mario Monti, can push through the necessary reforms that will take the economy forward, the common currency Euro as well as commodity-linked currencies, gained some ground in Asian trading today.

the common currency managed to inch higher and hold there above the 1-month low, but traders remain skeptical that any bounce is sustainable as uncertainty over the Italian government’s ability to enact necessary reforms prevails.

Following a huge sell off in the world’s equity markets, precipitated by the widening yield spread in Italian sovereign debt, the common currency Euro slipped near to 1-month low against the U.S. Dollar.

Following news out of Italy late yesterday that Silvio Berlusconi would resign his position at the conclusion of the next parliamentary vote on budgetary reforms, the Euro was given some short lived respite from the relentless pressure.

The Swiss Franc remains under some pressure following interventionist comments made by the Swiss National Bank.