Yesterday, risk aversion has prompted investors to again refer to the safe haven, allowing the Swiss franc to rise against major international currencies. In addition, rising consumer prices by nearly 0.5% over one year has reinforced the upward trend given that analysts expect the next rate hike by the SNB in order to fight against inflationary pressures. The Swiss currency has finished the session up 0.6% against the dollar and against the single European currency. The military offensive and diplomatic Gaddafi and Libyan opponents of the regime seems to have pushed the markets to be cautious.
The single European currency was stable against the greenback yesterday, around 1.39 dollar. The approach of the Eurogroup meeting weighs heavily on financial markets while Portugal has seen growing difficulties in raising money in the bond market. Indeed, Portugal has managed to raise about 1 billion euros maturing in September 2013 but at a rate close to 6%, clearly above the average of recent bond issues. Investors fear that Europe is not up to par, which could push down the euro.
On the rest of the foreign exchange market, the New Zealand dollar was little changed against the U.S. dollar as investors expect the central bank will cut rates by 50 basis points to revive an economy badly weakened by two devastating earthquakes in the space of only a few months. The Australian dollar was at half mast after a poor indicator of the real estate sector but rebounded late in the session after the reassuring words of Governor Stevens that an increase in property prices is not bad news. Finally, following the publication of the trade deficit, down substantially from the forecast of economists, the British currency has gained ground, appreciating by nearly 0.3% against the euro, around 85.86
The single European currency was stable against the greenback yesterday, around 1.39 dollar. The approach of the Eurogroup meeting weighs heavily on financial markets while Portugal has seen growing difficulties in raising money in the bond market. Indeed, Portugal has managed to raise about 1 billion euros maturing in September 2013 but at a rate close to 6%, clearly above the average of recent bond issues. Investors fear that Europe is not up to par, which could push down the euro.
On the rest of the foreign exchange market, the New Zealand dollar was little changed against the U.S. dollar as investors expect the central bank will cut rates by 50 basis points to revive an economy badly weakened by two devastating earthquakes in the space of only a few months. The Australian dollar was at half mast after a poor indicator of the real estate sector but rebounded late in the session after the reassuring words of Governor Stevens that an increase in property prices is not bad news. Finally, following the publication of the trade deficit, down substantially from the forecast of economists, the British currency has gained ground, appreciating by nearly 0.3% against the euro, around 85.86
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