Stock:
Symbol Lookup
Register | Login
...
History
...
...

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.
PRINT

FREE Options Trading Lessons
I'll show you how to unlock HUGE Gains with Options Trading
Let's make 2014 the year you get RICH!

Latest Headlines

Goldman Sachs downgrades stocks to neutral for the short-termGoldman Sachs downgrades stocks to neutral for the short-term
(Reuters) - Goldman Sachs downgraded its global allocation to equities to neutral on a short-term basis on Friday, even though the brokerage remains overweight stocks for the longer term, it said in a...
Brazil to pump up to $20 billion in credit into ailing economyBrazil to pump up to $20 billion in credit into ailing economy
RIO DE JANEIRO/BRASILIA (Reuters) - Brazil`s central bank on Friday announced measures to inject as much as 45 billion reais ($20 billion) in credit into the country`s ailing economy, which is weigh...
Detroit revs up for approval of bankruptcy planDetroit revs up for approval of bankruptcy plan
(Reuters) - Detroit could be on the fast track to complete the final, crucial phase of its historic bankruptcy case, as settlements with key creditors line up and city workers and retirees demonstra...
Facebook says SEC's IPO probe ends, extending WhatsApp closing dateFacebook says SEC's IPO probe ends, extending WhatsApp closing date
(Reuters) - Facebook Inc said the U.S. Securities and Exchange Commission dropped its probe into the social networking company over events surrounding its controversial initial public offering. In i...
Wall St. Weekahead: Even modest GDP bounce may support marketWall St. Weekahead: Even modest GDP bounce may support market
NEW YORK (Reuters) - Even if data next week shows a mediocre rebound in U.S. economic growth, that might be enough to keep the stock market aloft at record highs and the Federal Reserve steadfast in...

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.