Investing.com - The euro gave up early gains against the other major currencies on Monday, after a spokesman for Germany’s Finance Ministry said they were unaware of any European Central Bank plans to set a cap on peripheral euro zone bond yields.
During European late morning trade, the euro slipped lower against the U.S. dollar, with EUR/USD dipping 0.07% to 1.2323.
The euro weakened after Germany’s Finance Ministry said it was not aware of any ECB plans to target euro zone bond spreads, following media reports that the central bank may set limits on the yields of euro zone government bonds.
German magazine Der Spiegel reported Sunday that the ECB may set an interest rate threshold on purchases of euro-area sovereign debt at its next policy meeting in September, beyond which its bond buying program would be activated.
The ECB declined to comment on the report.
Investors were looking ahead to a series of euro zone meetings later in the week to discuss measures to ease the debt crisis.
Luxemburg Prime Minister Jean-Claude Juncker, who also heads the group of euro zone finance ministers, was to hold talks with Greek Prime Minister Antonis Samaras on Wednesday, to discuss a two-year extension of the country’s economic reform program.
Market participants were also anticipating the minutes of the Federal Reserve’s August policy meeting later in the week, amid speculation over how close the U.S. central bank may be to implementing another round of stimulus measures.
Upbeat U.S. economic data released last week indicated that the economy may be stabilizing and tempered expectations for another round of quantitative easing by the Fed.
The single currency was also down against the pound, with EUR/GBP easing down 0.10% to trade at 0.7850.
The euro edged lower against the yen, with EUR/JPY slipping 0.07% to 98.06, but remained unchanged against the Swiss franc, with EUR/CHF trading at 1.2010.
The shared currency was broadly lower against the Australian, Canadian and New Zealand dollars, with EUR/AUD down 0.41% to 1.1786, EUR/CAD sliding 0.19% to 1.2172 and EUR/NZD falling 0.29% to 1.5224.
Trade looked likely to remain subdued on Monday, with no significant economic data releases on the calendar, while volumes were light with many market participants on summer holidays.
During European late morning trade, the euro slipped lower against the U.S. dollar, with EUR/USD dipping 0.07% to 1.2323.
The euro weakened after Germany’s Finance Ministry said it was not aware of any ECB plans to target euro zone bond spreads, following media reports that the central bank may set limits on the yields of euro zone government bonds.
German magazine Der Spiegel reported Sunday that the ECB may set an interest rate threshold on purchases of euro-area sovereign debt at its next policy meeting in September, beyond which its bond buying program would be activated.
The ECB declined to comment on the report.
Investors were looking ahead to a series of euro zone meetings later in the week to discuss measures to ease the debt crisis.
Luxemburg Prime Minister Jean-Claude Juncker, who also heads the group of euro zone finance ministers, was to hold talks with Greek Prime Minister Antonis Samaras on Wednesday, to discuss a two-year extension of the country’s economic reform program.
Market participants were also anticipating the minutes of the Federal Reserve’s August policy meeting later in the week, amid speculation over how close the U.S. central bank may be to implementing another round of stimulus measures.
Upbeat U.S. economic data released last week indicated that the economy may be stabilizing and tempered expectations for another round of quantitative easing by the Fed.
The single currency was also down against the pound, with EUR/GBP easing down 0.10% to trade at 0.7850.
The euro edged lower against the yen, with EUR/JPY slipping 0.07% to 98.06, but remained unchanged against the Swiss franc, with EUR/CHF trading at 1.2010.
The shared currency was broadly lower against the Australian, Canadian and New Zealand dollars, with EUR/AUD down 0.41% to 1.1786, EUR/CAD sliding 0.19% to 1.2172 and EUR/NZD falling 0.29% to 1.5224.
Trade looked likely to remain subdued on Monday, with no significant economic data releases on the calendar, while volumes were light with many market participants on summer holidays.