EUR may reach 1.15 USD at year end
Tuesday, February 7th, 2012
The euro headed for a week down from 16 major currencies, amid ongoing uncertainty about whether Greece will reach an agreement with private creditors. The yen continued to trade the yen from its historic low against the dollar amid speculation the central bank intervention. The Australian and New Zealand dollar fell from near its five-month highs against the dollar after the Asian indices registered decreases, and this intensified the demand for risky assets.
“There are indications that Greek lenders will voluntarily agree to write off the Greek debt, which leads to the conclusion that the agreement will be difficult”, said Daisuke Karakama, strategist at Mizuho Corporate Bank Ltd. “Levels above 1.3000 the euro is simply an overestimation of the single currency”, added Karakama. Meanwhile, the single currency is traded without significant change against the dollar at levels of 1.3140, pointing to decline by about 0.5 percent against the greenback.
The EUR was traded at levels of 100.10 against the yen and decline until there is significantly greater for the week amounted to 1.1%. The yen was traded at levels around 76.20 yen to the dollar yesterday reached the highest value of 76.03. So it is less than yen of historical lowest value achieved on October 31 last year. The index tracking the performance of the MSCI Asia Pacific Index, fell 0.2%. This tracking the performance of global stock exchanges rose 0.2 percent yesterday. Yesterday the Prime Minister of Luxembourg made negative comments that the efforts of the Eurozone are not sufficient to tackle the crisis and further measures are necessary.
(more…)






