During the Asian trading session, the common currency Euro had slipped to a 2-week trough against its main rival the U.S. Dollar, and continues to edge off the 15-month peak struck on February 1st as markets take time to digest the ramifications of last week’s political dissension in Spain and Italy and comments made by the ECB chief, Mario Draghi.
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The Japanese Yen continues to be under heavy and widespread sell pressure as market players await the outcome of this week’s policy setting meeting by the Bank of Japan.
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The common currency Euro was close to striking a 2-week trough versus the U.S. Dollar early during the Asian trading session on the heels of a political crisis which appears to be brewing in Italy.
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Gold continues to pressure the resistance area just above ¥14,000 as the Bank of Japan looks very likely to continue working against the value of its currency. With this being said, while gold should go up against most currencies, the best rate may actually be against the Yen as the currency is being devalued.
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The Japanese Yen began the trading week lower, with investors holding the Yen in check until after the Bank of Japan announces its monetary policy decision tomorrow which is widely believed to include additional easing measures to ensure that the 1% inflation target is met.
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As the week begins the Euro remains under pressure and dipped lower against the USD as market players insist on getting some clarity in the Spain bailout situation.
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The Euro continues to downtrend as Spain’s fiscal problems continue to plague investors who are concerned about the country’s bailout prospects. Follow the story on DailyForex.com.
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The Euro edged higher against the U.S. Dollar in the Asian trading session following Monday’s fall to a 1-week low triggered by growing worries over Spanish debt and the government’s laissez faire attitude toward help.
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The Euro and the Pound Sterling are both under pressure as investors speculate that the European Central Bank and the Bank of England will take up a more accommodative stance later today.
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With E.U. leadership offering no more of a solid outcome than a little positive affirmation that Greece should work towards staying in the Eurozone, the pressure on the common currency continues to mount.
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