Euro up in frail trading before Greece vote . . . . . . . . . . . The euro moved cautiously higher on early European trade Tuesday, attempting to recover some losses ahead of the second round of Greece’s presidential vote, while the U.S. dollar eased a little ahead of a data run that could provoke some bets about an interest rate hike. The euro gained 0.04% against the U.S. dollar to $1.22340, but is still around two-year lows. Against the Japanese yen, the euro gained 0.09% to 146.934 yen. As of 09:20 GMT The focus now turned to the parliament in Greece where it will vote for a new president for the second time in a week. Prime Minister is trying to get Stavros Dimas elected, and if he doesn’t get the 180 required votes in this round, and in next week’s last vote, it could trigger snap elections in January, and bring back worries about Greece to the front. The economic sentiment divergence between the U.S. and Europe is strongly taking shape, which is placing further pressure on the euro. A pre-holiday data deluge from the U.S. will be released today, and they are expected to firm that divergence even more. Third-quarter growth numbers are forecast to be revised higher and show the economy expanded at a 4% annualized pace for the second consecutive quarter, which we haven’t seen since 2003. Ruble Russia’s ruble climbed to a two-week higher on Tuesday on news that the central bank and the government are forcing large state-owned exporters to sell dollars in order to stop the loss for the ruble. Earlier this month, the ruble fell to a record low of 80 per dollar, compared with a 30-35 average that was seen in the first half of 2014. The ruble however has recovered to 53 rubles per dollar. Russian local media reported, citing unnamed sources, that Prime Minister Dmitry Medvedev had issued a signed order that obligates the largest exporters in Russia to offload some of their foreign currency reserves. #egyptyard
Posted on: Tue, 23 Dec 2014 10:37:22 +0000
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