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- Euro consolidates gains; yen edges lower
- Dollar near 6-wk high as sovereign debt crisis dominates
- Dollar falls to 2-1/2 week low versus yen
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- China Oct inflation drops, more policy tweaks seen
- Euro consolidates after rally; can rise further
- Asia shares steady but capped before EU summit
- Risk aversion sends assets down broadly pre-EU Summit
- Euro sags as Germany undercuts hope on crisis plan
- Euro rally takes a breather, more short-covering eyed
- Behind closed doors, China leaders to ponder big choices
- Euro Reaches Decade Low Versus Yen on Signs Debt Crisis Weighing on Growth
- Euro falls, stung by doubts about EFSF powers
- REFILE-FOREX-Euro bounce pauses, plenty of risk ahead
- Dollar Holds Two-Day Drop Against Euro as Asian Shares Advance
- Italy downgraded, IMF says Europe behind the curve
- Euro falls after EU finance ministers break no new ground on crisis
- Euro steady on move by central banks, EU meet eyed
- Euro relieved for now, more headwind ahead
- Euro firm after short-covering rally, downtrend intact
- Euro extends losses, hits 10-yr trough on yen
- Euro struggles, dollar bulls unimpressed by Obama
- Euro seen facing headwind ahead of ECB
- Euro falls to 6-mth low vs yen as debt fear mounts
- Euro, Aussie dollar struggle as risk aversion mounts
- Franc, Yen Advance as Economists Predict U.S. Job Growth Slowed Last Month
- Aussie in positive territory after local data
- FOREX NEWS :: Dollar steady after short- covering rally
- Japan boosts FX monitoring, creates $100 bln credit line
- Pound reverses fall vs euro but euro zone, UK concerns weigh
- Dollar Rallies as Fed Statement Fails to Calm Concern Over Slowing Growth
- FOREX-Swiss franc hits record vs euro as market confidence dives
- G7 seeks to calm markets rocked by debt crises
- Swiss franc elevated on economy fear, yen on BOJ watch
- Yen dives as Japan follows Swiss in currency war
- US Congress deadlocked over debt as default looms
- US debt standoff makes investors sell stocks, buy gold
- Japan's Noda repeats warning on yen rise
- FX Concepts’ Taylor Sees One More ‘Risk Rally’ Before Recession Takes Hold
- Bank of Korea confident U.S. will avoid debt catastrophe
- FOREX-Euro, dollar strike new lows on Swiss franc
- FOREX-Dollar steadies as impact from S&P warning short-lived
- Yen Declines on Speculation Japan Will Intervene; Aussie, Kiwi Strengthen
- FOREX-Euro sinks to record low vs Swiss franc as debt concerns spread
- CME to launch new Yuan FX futures contracts
- With Gold Set To Peak At $1,700, Miners Like Goldcorp Look Cheap
- FOREX-Euro vulnerable; ECB hike factored in
- Canada’s Dollar Weakens After Traders Consider Recent Advance Overdone
- Thaksin sister prepares to lead Thailand after stunning win
- Euro Climbs to Two-Week High Versus Dollar on Rate Prospects; Won Advances
- Optimism before Greek vote lifts Asian stocks
- Euro Falls Versus Dollar, Yen Before EU Ministers Meet on Greece Financing
- Euro gains after Greek vote, Nikkei futures drop
- CANADA FX DEBT-C$ hit for second day by US and Greek worry
- Euro Declines to Three-Week Low on Concern Europe Debt Crisis Is Worsening
- China’s Equity Markets
- FOREX-Euro and Aussie edge up, China CPI not as bad as feared
- EMERGING MARKETS-Latam FX slumps; Mexico peso at 2-month low
- Euro Falls, Heads for Weekly Drop, on Speculation Rate Increases Will Slow
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Euro relieved for now, more headwind ahead
Dated Posted: 2011-09-15
SYDNEY, Sept 15 - The euro held on to gains against the greenback in another volatile session on Thursday, boosted by stronger stocks and calming words from European leaders about Greece's future, but sentiment remains extremely fragile.
The euro, last at $1.3743 , jumped to a three-day peak of $1.3873, after Germany and France voiced their commitment to keeping Greece in the euro zone.
U.S. stocks rose on the news, up 1 percent on the day, while S&P futures gained 1.47 percent.
The European joint statement brought some relief and helped bolster confidence that Greece will receive the next tranche of aid from the EU/IMF and avoid imminent default.
Investors have been worried about the growing prospect of a Greek debt default due to the failure of the cash-strapped nation to meet the fiscal goals set out in its bailout.
The single currency's recovery was further helped after European Commission President Jose Manuel Barroso flagged plans to soon introduce common euro bonds. The project, however, is highly likely to meet stiff resistance from Germany.
But the euro remains vulnerable as European leaders seem to only bring short-term solutions to the table. The single currency has lost nearly 6 percent since August 28.
"Markets were a bit too bullish," said Joseph Capurso, currency strategist at Commonwealth Bank of Australia.
"Nothing has changed. Greece is still highly likely to have to do more structuring," he said. He expected the euro to slip to as far as $1.3640 by the end of the week.
For now, support is found at $1.3585, while resistance stands at the July 12 trough of $1.3835. A break of that could see the euro retrace to the 38.2 percent Fibonacci of the $1.4550/$1.3494 move at $1.3898, before fresh selling emerges.
The dollar index edged down 0.05 percent to 76.880, from a high of 77.486. Against the yen, the dollar slipped to 76.69 yen , but remains within the snug 76.40/77.85 range of the last three weeks.
Talk of foreign investors pulling money out of Asia on concerns another global credit crunch may be looming could weigh on the session. Earlier in the week, traders reported heavy fund selling of Asian currencies.
Markets are also on guard ahead of a possible downgrade of Italy.
The New Zealand dollar slipped 40 pips to $0.8181 , after a dovish-sounding statement by the Reserve Bank of New Zealand . As expected, the central bank left rates on hold at 2.5 percent.
Figures on China's foreign direct investment and U.S. CPI are due later, along with euro zone inflation and jobs.
Source: Reuters
