Symbol Lookup
Register | Login

Pre Market | Dow Jones | Gold | Newsletters | Learn

Forex Market Update: Euro Hovers Around Four-Month Low Against Dollar

Tuesday, March 26, 2013 9:47 AM
The euro hovered around its four-month low level against the U.S. dollar on Tuesday as investors still remain edgy over the euro zone debt crisis, fearing that harsh levy imposed by international lenders in lieu of euro 10 billion bailout package would serve as a precedent to other teetering financial systems of the euro zone. The single currency of the monetary union slumped on Monday after the finance minister of the Netherlands and head of the Eurogroup; Jeroen Dijsselbloem, indicated that bailout deal of Cyprus would serve as a precedent for future recues. Although he later did a U-turn over his comments, saying that that the Cyprus bailout deal was a “specific case”,  investors’ sentiment derailed, hurting global equities and the euro. On Tuesday, the euro edged up 0.1% to trade at $1.2868, not much recovery from its Monday’s low of $1.2829, which was its lowest level since November 22, a data provided by Reuters showed. Meanwhile, currency traders expects euro’s 233-day moving average at $1.28497 as it next support in the short-term. “The developments yesterday were quite negative for the euro as it looks to be a bit of a change in policy approach within Europe with respect to bailouts. They seem to be putting the emphasis onto investors rather than tax-payers,” said Ian Stannard, head of European FX strategy at Morgan Stanley, according to Reuters. Earlier on Monday, the Cypriot parliament stuck an eleventh-hour deal with the troika (ECB, IMF and EU), preventing financial meltdown in the island nation. According to the deal, all unsecured deposits above euro 100,000 will be taxed heavily (deposits below euro 100,000 were exempted) and Cyprus’s second largest bank, the Popular Bank of Cyprus will be winded down while Bank of Cyprus will be recapitalized.

FREE Options Trading Lessons
I'll show you how to unlock HUGE Gains with Options Trading
Let's make 2015 the year you get RICH!

Latest Headlines

Futures up as weak earnings worries fadeFutures up as weak earnings worries fade
(Reuters) - U.S. stock index futures rose on Tuesday after earnings results by companies including IBM <IBM.N> helped ease fears of a disappointing earnings quarter. * IBM shares were up 0.7...
Strong dollar weighs on DuPont's full-year profit forecastStrong dollar weighs on DuPont's full-year profit forecast
(Reuters) - DuPont <DD.N> reported a better-than-expected profit as cost cuts propped up margins in some businesses but the chemical manufacturer said a stronger dollar would eat into its full-y...
China pledges proactive employment policy as economy slowsChina pledges proactive employment policy as economy slows
BEIJING (Reuters) - China`s cabinet has pledged to implement more proactive employment policies to cope with rising pressures on job creation, state radio reported on Tuesday. The remarks by the Sta...
Moving HQ to Singapore makes sense for Standard Chartered: Aberdeen's YoungMoving HQ to Singapore makes sense for Standard Chartered: Aberdeen's Young
SINGAPORE (Reuters) - Standard Chartered <STAN.L> has a strong business case to move its headquarters from London to Singapore and save millions in taxes as, unlike HSBC <HSBA.L>, it doe...
Italy should use low rates to cut debt, central bank saysItaly should use low rates to cut debt, central bank says
ROME (Reuters) - The Bank of Italy criticized on Tuesday a government plan to keep its 2015 budget deficit at 2.6 percent of national output instead of taking advantage of record low interest rates to...

Loading Headlines...

Stock Market

Track the stock market today with the latest news and information on all things investing! Watch your stocks perform throughout the day and watch the breaking stock market news.

Feedback | disclaimer | privacy policy

Stock Market News

The Stock Market is ever changing. Keep up on your stock market news.

Stock Market Newsletters

Read up on your favorite stock market newsletters.

Learn the Stock Market

Sharper your stock trading skills with our stock market education section.

Algorithm Based
Trade Signals
small cap swing trades Futures Day Trading System S&P + Crude Oil Signals
Autotrading Autotrade Stocks Try for Free!