Futures Market News
Euro notches second-straight day of gains against dollar, yen
Oct 12, 2012 09:06 AM
Friday saw a second straight day of gains for the common currency of the European Union against the U.S. dollar and the Japanese yen as Spain was believed to be arriving closer at requesting bailout aid for its troubled banks, according to Bloomberg.
Bonds issued by the government of the Iberian nation recovered slightly from scraping a one-week low against the U.S. dollar on Thursday, an occurrence probably spurred by the country's credit downgrade on Tuesday by Standard & Poor's.
"There is some buying of the euro as investors speculated the S&P downgrade may hasten Spain's request for a bailout," marketing group managing director Noriaki Murao with the Bank of Tokyo-Mitsubishi UFJ Ltd. told Bloomberg. "The markets will be watching if any progress is made at the EU summit on both the Spanish and Greek situations."
The European Central Bank's plan to purchase debt of victimized nations, which was announced in early September, first requires the nation to request bailout aid. Thus far, Prime Minister Mariano Rajoy of Spain has not issued that request.
Spain's economic minister said he has not seen political resistance to the possibility of the country requesting bailout aid, Reuters reports.
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: TAS Live Room FREE VIP Pass
Enjoy interactive training on Market Profile®, volume analysis & the TAS Tools indicator package!
Daniels Trading is rolling out the red carpet for you. With your complimentary VIP Pass, you’ll enjoy access to the popular TAS Live Room. Your VIP Pass provides admittance to the next Tuesday morning live training session (8:30am-10:30am CT, Chicago).
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.