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.
Don’t Miss Our News Updates!
Follow our breaking news stories and get a unique take on current events that may impact the commodity futures markets. Multiple new articles are posted each weekday. Subscribe to our commodity news updates by email, and receive real-time updates with our RSS feed, follow us on Twitter @DanielsTrading, become a fan on Facebook to stay informed.
SPECIAL OFFER: Euro/Dollar in a Time of Crisis
Sign up for our FREE report and gain insight about the current global crisis through our extensive research and analysis!
Download this exclusive report as we examine current global events, the present impacts on market prices and volatility, and potential outcomes of the Eurozone crisis.
Register for Your Free 2-Week Trial of the dt Insider Market Advisory!
With your free trial membership, you'll receive full access to our exclusive trade recommendation service and all of the timely and accurate trade information you need to feel comfortable participating in the markets.