The euro held steady versus the dollar on Thursday, hovering hovered near a two-week low, as protests against austerity measures in Spain and Greece highlighted challenges facing highly-indebted euro zone countries. The single currency held steady at $1.2878, not far from a two-week low of $1.2835 set the previous day.
Euro Is Near 2-Week Low as Protests Add to Debt Concern
The euro traded 0.3 % from a two-week low against the dollar as protests against European austerity measures added to obstacles for leaders seeking to stem the region’s debt concern. The 17-nation currency remained lower against the yen after completing a seven-day drop yesterday, the longest since May, before Spanish Prime Minister Mariano Rajoy submits a fifth package of budget cuts. Demonstrators gathered near parliament in Madrid to protest against the austerity measures
Dollar May See Reversal Amid Changing Risk Attitude
The dollar may begin to show prolonged strength next month, reversing a bearish trend that has seen it lose 4.5 % versus the euro since the start of August, The USD has already gained 0.3 % since the Federal Reserve announced Sept. 13 that it would buy mortgage securities in QE3
China’s Use of Undervalued Currency Coming to End, Soros Says
China’s strategy of using an “undervalued currency” and building currency reserves to fuel growth has come to an end, billionaire investor George Soros said at an event in New York.
Sales of New U.S. Homes Stay Close to Two-Year High:
Purchases of new U.S. homes in August held close to a two-year high, further evidence of recovery in the housing market that will help sustain the economic expansion. Sales fell 0.3 % to a 373,000 annual pace following a revised 374,000 rate in July that was higher than previously estimated and the strongest since April 2010.
Irish Government to ‘Stay the Course,’ Deputy PM Gilmore Says
Deputy Irish Prime Minister Eamon Gilmore said the government “will stay the course to fulfill and complete our mandate” after the ruling coalition suffered its most high-profile loss with the resignation of junior Health Minister Roisin Shortall.
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