Forex

April 24 2013 3:27 PM

The European Central Bank is set to release its interest rate decision next week on Thursday, May 2. However, economists are already talking about a potential rate cut. No less than 10 banks have released notes in the past 24 hours calling for a rate cut, following the weaker than expected German IFO Business confidence survey and PMI release over the past two days.

April 24 2013 9:40 AM

The relaxed view of money markets to the quicker-than-expected repayment of the ECB's LTRO crisis loans suggests many players expect the central bank to delve back into its unconventional policy toolbox before the end of the year.

April 23 2013 8:17 AM

The euro traded steadily at $1.30 on Tuesday morning as investors waited for the Spain's latest budget plan, set to be released later this week. The nation's Finance Minister Luis de Guindos said the plan for the next few years will be focused on economic growth rather than deficit reduction.

April 19 2013 8:52 AM

The euro received a much needed boost on Friday morning after US data showed that the number of unemployment benefit claims in the nation rose last week. Also weighing on the greenback was a dip in the country's April Mid-Atlantic factory activity. The euro traded at 1.3091 at 9:12 GMT on Friday morning. The euro has been under a lot of pressure recently as one by one struggling members of the bloc began to resist the region's austerity centered recovery efforts. In Italy, an inconclusive election highlighted the country's frustration with the ongoing tax hikes and spending cuts. Protests in Spain and Greece have flooded the streets and at times turned violent.

April 18 2013 8:19 AM

The euro traded at $1.3053 on Thursday morning after falling more than one percent on Wednesday because of rumors that the European Central Bank was planning to cut interest rates in May. According to Reuters, an ECB Governing Council member, Jens Weidmann, made statements indicating that if economic conditions in the eurozone worsen, the bank may cut rates again. Weidmann's insights were a massive blow to the common currency, and European shares also fell to their lowest this year.

April 16 2013 8:00 AM

The euro traded steadily at $1.30 on Tuesday morning after news that an anti-euro political party in Germany was gaining popularity. The radical movement is the latest in a series of public outcries from both northern and southern European nations that are getting tired of the ongoing eurozone bailouts and reforms.

April 15 2013 9:32 AM

The euro began the week trading evenly at $1.30 after the region's policy makers backed a 10 billion euro aid package for Cyprus on Friday. However, Cyprus will need to find 13 billion euros on its own, a sum twice as large as the original estimate. The bailout remains uncertain as many analysts believe the tiny island nation won't be able to raise that kind of capital, and will eventually need more funding.

April 11 2013 2:46 PM

Cyprus' financial sector bailout has swollen in size, according to draft documents from the international creditors including the International Monetary Fund, the European Central Bank and the European Union. Cyprus' bailout has swollen some 35 percent in just a few weeks, from an initial estimate of 17 billion euros to 23 billion euros Thursday.

April 10 2013 8:39 AM

The euro climbed to $1.31 on Wednesday morning despite a growing anti-austerity push that has been gaining momentum over the past month. Protests have been commonplace as climbing unemployment and harsh budget cuts have taken their toll on struggling nations; but now it seems resistance is ratcheting up as one by one, southern European countries are taking a stand against the eurozone's austerity-centered recovery plan.