Futures Market News
Euro climbs against yen but still pinched by Dutch debacle, French election
Apr 24, 2012 01:49 PM
The sale of the equivalent of about $2.6 billion in Dutch debt helped the common currency of the European Union climb against the Japanese yen on Tuesday, also strengthening the status of some of the euro zone's stronger economic systems against the sovereign debt crisis, Bloomberg reports.
The embattled monetary unit climbed against most of its major rivals currencies as speculation gained about the central bank of Japan preparing to water down the value of the yen by the end of this week.
"There has been more chat about the resilience of the euro that's spooking some people out of playing it lower over the short term, but there are some very significant risks ahead," European currency research head Derek Halpenny with Bank of Tokyo-Mitsubishi told Reuters. "As we move into May and June we could see further volatility and turmoil which we think will see the euro break below $1.30."
Though the Netherlands conducted a strong auction of debt, Reuters reports its government is hurtling toward collapse regarding budgetary issues.
The tenuous situation in the Netherlands and the prospects of French president Nicolas Sarkozy being voted out of office are augmenting pressure on the market performance of the euro, Reuters reports.
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