Euro Slids for Second Day on Debt Crisis Concern
The euro fell against all of its major counterparts today, as the fear of the debt crisis spreading beyond Greece and other troubled countries of the Eurozone.
The euro is currently demonstrating a second bearish day in a row against the US dollar, the Great Britain pound and the Japanese yen. It is falling against the dollar despite the stalemate in the US debt-limit discussions, which may lead to a technical default on August 2.
Greece’s long-term sovereign credit rating was reduced to CC by Standard & Poor’s yesterday. It was also reported by the agency that the proposed measures (by the European Union) will push the rating to SD (selective default), as it will result in losses for the commercial creditors. Meanwhile, Moody’s downgraded Cyrpus from A2 to Baa1 with a negative outlook on its government bonds.
EUR/USD fell from 1.4368 to 1.4304 as of 17:12 GMT; it traded as low as 1.4254 earlier today. Yesterday, the pair opened at 1.4512. EUR/GBP declined from 0.8797 to 0.8756 and EUR/JPY decreased from 111.93 to 111.36.
The euro is currently demonstrating a second bearish day in a row against the US dollar, the Great Britain pound and the Japanese yen. It is falling against the dollar despite the stalemate in the US debt-limit discussions, which may lead to a technical default on August 2.
Greece’s long-term sovereign credit rating was reduced to CC by Standard & Poor’s yesterday. It was also reported by the agency that the proposed measures (by the European Union) will push the rating to SD (selective default), as it will result in losses for the commercial creditors. Meanwhile, Moody’s downgraded Cyrpus from A2 to Baa1 with a negative outlook on its government bonds.
EUR/USD fell from 1.4368 to 1.4304 as of 17:12 GMT; it traded as low as 1.4254 earlier today. Yesterday, the pair opened at 1.4512. EUR/GBP declined from 0.8797 to 0.8756 and EUR/JPY decreased from 111.93 to 111.36.
CAD Sets New Multi-Year Record on US Crisis Expectations
The Canadian dollar expanded today, reaching a new 3-year maximum level versus the US currency, as the President of the United States warned of a serious “economic crisis”.
The loonie (as the CAD is nicknamed) reached its new record level against the US dollar today — the highest since November 2007. While there aren’t many supporting news for the Canadian dollar (except for persistently high levels of oil price), the loonie wins as an alternative to the greenback, which suffers from the debt ceiling crisis in the United States.
Sentiment for the US currency weakened after US President Barack Obama warned that a heavy economic crisis is threatening the world’s largest economy (and, consecutively, the global economy too) if no compromise is reached before August 2.
USD/CAD fell from 0.9474 to 0.9424 as of 12:47 GMT today, setting its new yearly record low at 0.9406. CAD/JPY rose from 82.56 to 82.77, while EUR/CAD went up from 1.3620 to 1.3646 today.
The loonie (as the CAD is nicknamed) reached its new record level against the US dollar today — the highest since November 2007. While there aren’t many supporting news for the Canadian dollar (except for persistently high levels of oil price), the loonie wins as an alternative to the greenback, which suffers from the debt ceiling crisis in the United States.
Sentiment for the US currency weakened after US President Barack Obama warned that a heavy economic crisis is threatening the world’s largest economy (and, consecutively, the global economy too) if no compromise is reached before August 2.
USD/CAD fell from 0.9474 to 0.9424 as of 12:47 GMT today, setting its new yearly record low at 0.9406. CAD/JPY rose from 82.56 to 82.77, while EUR/CAD went up from 1.3620 to 1.3646 today.
