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- 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
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- 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
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- 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 falls, stung by doubts about EFSF powers
Dated Posted: 2011-09-30
LONDON, Sept 30 - The euro slipped to a session low versus the dollar on Friday on doubts about the firepower of a strengthened euro zone bailout fund, leaving it on track for its biggest monthly loss in ten months.
Month-end demand boosted the dollar as market participants said non-U.S. fund managers needed to buy the currency after a sell-off in equity markets this month required them to cut back their dollar hedging positions.
Comments from Germany's economy minister that its lower parliamentary house did not seem willing to approve higher limits for the EFSF bailout fund knocked the euro to the day's low of $1.3488, relinquishing gains made on Thursday when lawmaker voted to approve a beefing-up of the fund.
Sentiment towards the euro remains negative as many investors are still betting on a Greek debt default, while demanding more measures to prevent Athens's debt problems from spreading to other countries.
"It could be that month-end demand for USD is the main cause of the euro's sogginess, though the German vote by no means solves all of Europe's problems," CitiFX Wire analysts said in a note.
The euro fell 0.7 percent on the day, but selling petered out ahead of $1.3480, as traders suspected big stop-loss sell orders below that level.
The dollar rose versus a currency basket, lifting its trade-weighted index 0.3 percent to 78.255 .
Market participants saw a need for investors to buy dollars against the yen, sterling and the Australian and Canadian currencies later in the day for month-end adjustment purposes.
The dollar traded 0.2 percent lower at 76.70 yen, but it pulled away from a session low of 76.49 hit in Asian trade, where traders in Tokyo had cited selling by Japanese exporters.
Investors took in their stride comments by Japanese Finance Minister Jun Azumi, who said Japan will boost its currency intervention fund by 15 trillion yen ($195 billion) through a third extra budget for the fiscal year to next March.
The New Zealand dollar fell roughly 1 percent on the day to a six-month low of US$0.7627 after Standard & Poor's followed Fitch Ratings in downgrading the country's sovereign debt by one notch.
BAD MONTH FOR EURO
The euro is poised to end September 6 percent lower against the dollar, its worst monthly performance since November.
Jitters over the spiralling European debt crisis, European banks' exposure to sovereign debt and a slowing global economy caused investors to slash their bets on risky assets in the July-September quarter, sending the common currency down almost 10 cents versus the dollar over the period.
Euro zone finance ministers meet next week to discuss more ways to help Greece, but few in the market are expecting aggressive measures to ring-fence other countries should Athens default on its debts.
"We don't expect any concrete decisions from next week's Eurogroup meeting. But we could get a positive statement that policymakers will help the euro zone periphery, which could help sentiment," said You-Na Park, currency strategist at Commerzbank in Frankfurt.
She said any euro gains on such optimism would likely be capped around $1.37.
