Futures Market News
Euro hinges on central bank meetings
Aug 01, 2012 11:30 AM
The central banks of the U.S. and Europe are meeting on Wednesday and Thursday, respectively. The Federal Open Market Committee, the policy making arm of the U.S. Federal Reserve, is unlikely to announce significant changes as of yet. But the European Central Bank will draw close scrutiny since the meeting marks the first one since President Marion Draghi last week advocated for the vitality of the 17-nation monetary unit as the voracious sovereign debt crisis continues devouring regional banks, markets and public finance systems.
"We think if the Fed indicates a wait-and-see approach it could lead to some disappointment and would weigh on the euro/dollar," senior currency strategist Adam Myers with Credit Agricole in London told Reuters.
Bloomberg reports debt-riddled Spain is en route to executing debt ceilings for its regions as soon as this year.
The nation is attempting to present itself as capable of avoiding additional bailout aid though its borrowing costs continue climbing higher, according to Bloomberg.
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