Investing.com - Financial Markets Worldwide
💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

Euro Continues Rising After Gaining 300 BPS

ByThe National Bank of Canada
Published 01/15/2013, 05:46 AM
Updated 05/14/2017, 06:45 AM

After gaining more than 300 bps against the greenback last week, the euro continues to rise, albeit at a much slower pace than immediately after ECB President Mario Draghi's last press conference. Traders are waiting to analyze the economic indicators scheduled for release this week on the Old Continent before deciding if they will continue to buy the single currency en masse.

Meanwhile, the yen continues to lose ground to both the U.S. and Canadian dollar. It would appear that in his efforts to devalue his currency and favour the country's exports, new Japanese Prime Minister Shinzo Abe wants to put in place a 50 trillion yen fund ($558 billion) to buy up foreign currencies. This should greatly accelerate the nosedive that the yen began in October.

At 4 p.m. today, Federal Reserve Chairman Ben Bernanke will give a speech on U.S. monetary policy and the global financial crisis. This will be his first speech since the minutes of the last FOMC meeting were released, revealing that some members appear in favour of withdrawing the bond buyback problem earlier than anticipated. We believe that Mr. Bernanke will use this opportunity to repeat the Fed's intention to maintain stimulus measures until unemployment falls below 6.5%.

No major indicators will be announced today.
Economic Data

Latest comments

Loading next article…
Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.