28th April 2010
The euro steadied on Wednesday after hitting a 1 year low against the US dollar on Tuesday after investors sold the struggling European currency over concerns that Greece and Portugal’s credit ratings had been downgraded.
The euro held firm at $1.3167 during the Asian session after falling 1.5% and hitting a low of $1.3144 the previous day when it looked like it was tumbling towards $1.29, but analysts predict further falls over the coming days.
The downgrade of Greece’s credit rating has increased traders concerns about whether Greece can finance its debts, which could undermine the credibility of the euro leading to further falls.
26th April 2010
The sterling rose against the greenback during the European trade this afternoon as traders are buoyed by optimism that the UK election will result in a government formation sturdy enough to tackle Britain’s debt deficit.
Sterling hit 1.5482 before the start of the US trading session a seven-day high, before steadying at 1.5476 a rise of 0.64 percent on the day. The rise came after opinion polls over the weekend suggested that the Conservatives had shored up their lead after the second televised debate last week.
The pound also rose against the euro and yen, pushing the European currency down 0.99 percent to 0.862 and rising 0.91 percent against the yen, ending the session at 145.82.
21st April 2010
The Canadian dollar continued to rise on Wednesday after the Bank of Canada signalled that interest rates could rise as early as June. The Canadian dollar has seen a big rise against the yen, up nearly 11% since late February and gained another 0.3% during the session, ending at 93.62 yen.
The US dollar also saw a sizeable fall against the Canadian dollar, down 0.5% on the day and finishing at its lowest level since June 2008.
Elsewhere the Australian dollar, boosted by a 1.7% gain against the yen on Tuesday continued rising, ending the session at 86.97 yen, while the euro struggled to make up any ground, ending at 125.28 yen with almost no movement.
19th April 2010
The yen fell against a host of major currencies on Monday as investors stayed away from riskier currencies after Chinese shares suffered their largest percentage loss since August 2009. The yen fell 0.3 percent against the US dollar ending the New York session on 92.64 after giving up 0.3 percent the previous day as well.
The euro has seen a rise over the past day or so, also ending the session 0.3 percent up over the yen at 124.94 recovering from the three-week low of 123.15 hit earlier that day.
16th April 2010
The dollar rose against the euro today, as investors voice their concern over how Greece will service its debt. On Thursday Greece asked for talks with the International Monetary Fund to help with the aid plan agreed at the weekend, but concerns remain on how the plan will be implemented.
The euro fell by 0.6% against the dollar on Friday, ending the session at $1.3497 and only slightly above the one-week low of $1.3490 posted earlier this week. The euro also fell 0.9% against the yen to 125.13, while the yen was slightly up against the dollar, ending 0.3% up.
Elsewhere, Sterling fell 0.6% against the dollar as concerns that the May 6th UK election could result in no party winning a majority after the Liberal Democrat leader Nick Clegg won a TV debate on Thursday.