Futures Market News
Euro stays at 14-day high against greenback
Oct 05, 2012 11:43 AM
Friday saw the common currency of the European Union stay near two-week highs against the world's reserve currency as the European Central Bank indicated it is ready to acquire bonds from struggling nations in the euro zone, according to Reuters.
The euro also is likely to be impacted by the U.S. Labor Department's jobs reports, which is expected to be issued later on Friday. One euro zone finance minister said the debt-purchasing plan must work fairly in order for it to function properly.
"We should watch out that there's no discrimination between banks outside the euro zone and inside," Luxembourg Finance Minister Luc Frieden told Bloomberg. "That issue in our view has not been dealt with sufficiently so far."
President Mario Draghi with the European Central Bank did not indicate when Spain will formally solicit a bailout to aid its struggling banks. Policy makers did leave the interests rates unchanged at the low level of 0.75 percent.
Draghi came close to urging member countries to request the debt-purchasing plan of the ECB on Thursday, according to The Financial Times.
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