Market News

The common currency Euro held steady against the U.S. Dollar and edged higher versus the Australian Dollar in Asian trading.

In Asian trading, the U.S. Dollar came up off of a 3-month low versus a weighted basket of currencies following Ben Bernanke’s speech yesterday which this time around did not allude to the possibility of additional easing.

The Euro edged higher in Asian trading, accompanied by other commodity-linked currencies as investors have pinned their collective hopes on today’s LTRO offering from the European Central Bank.

The Japanese Yen slipped further from the 9-month trough struck yesterday as end of the month buying by Tokyo-based exporters helped propel it through a correction.

In Asian trading, the Japanese Yen continues to be under pressure, sliding on Monday to a 9-month trough against the U.S. Dollar.

In Asian trading, the Euro held close to a 2½ month peak against the U.S. Dollar, given a lift from unexpectedly improved German IFO business sentiment which promoted traders’ short covering.

In Asian trading, the Japanese Yen edged higher versus the U.S. Dollar but remains within striking distance of a 7-month through as Japanese importers support the greenback.

As reality settles in, the Euro is finding itself under renewed pressure, as investors consider worries of growth woes and implementation risks for the Mediterranean nation.

Following the news that the Eurozone’s policymakers have finally agreed on the deal which would give Greece the €130 billion needed to avoid a messy default, the Euro rose against the U.S. Dollar and traded at a high of $1.3293.

Investors hoped remain firmly pinned on a resolution today to the Greek bailout issue, which has helped to buoy the Euro and other commodity-linked currencies.

In Asian trading, the U.S. Dollar struck a 3½ month peak against the Japanese Yen as better than expected U.S. data points provided a lift to the greenback, already rallying since the Bank of Japan’s movement earlier this week.

Following a surprise announcement that the E.U. would not make a do-or-die decision on the Greek bailout loan, the Euro tumbled to a 3-week low against the U.S. Dollar on renewed worries that Greece will be unable to meet its March 20th debt obligations.

A planned meeting in Brussels for today which was aimed at approving the Greek bailout plan was delayed again after Eurozone finance ministers claimed that Greek party chiefs failed to commit to the necessary reforms.

The Euro had initially made some gains against the U.S. Dollar during the Monday trading session on news that the Greek parliament had approved additional austerity measures, but recent news that Moody’s credit rating agency had downgraded several Eurozone members put renewed albeit slight pressure on the common currency.

With approval of a new austerity law passed by the Greek Parliament, the Euro edged up against the U.S. Dollar in Asian trading, pushed higher by investor hope that the Greek government will be able to secure the much-needed funding for the second bailout loan.