Futures Market News
Euro rallies cease against yen, dollar
Oct 08, 2012 10:29 AM
The common currency of the European Union lost value Monday against the Japanese yen as finance ministers from the European Union prepared to meet in Luxembourg, Bloomberg reports.
Spain, long rumored to be on the brink of soliciting international bailout aid for its struggling banks, might be trying to avoid requesting assistance. Economic data demonstrating Germany, the region's largest economy, endured a slowed-down pace of industrial output from July to August, which also harmed the monetary unit.
"If nothing comes from the euro group today, which I suspect will be the case, and the Greek troika talks drift on towards the summit on the 18th and 19th, then I think we’re going to come back down to test this low of $1.28," foreign-exchange strategist Neil Mellor with Bank of New York Mellon in London told the news source on Monday.
German industrial production dropped 0.5 percent from July to August and the 17-nation currency slipped against the U.S. dollar for the first time in three years.
The ministers are likely to implement the 500 billion euro bailout fund at Monday's meeting to confront the sovereign debt crisis, according to Reuters.
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