Forex News
The euro fell against the dollar Thursday still in a sluggish market and hesitant against the backdrop of renewed concern on the occa ...
The euro fell against the dollar Thursday still in a sluggish market and hesitant against the backdrop of renewed concern about the global economic recovery, as traders digested a higher-than-expected U.S. consumer prices.
Around 1:10 p.m. GMT (3:10 p.m. in Paris), the euro bought 1.4342 dollars against 1.4428 dollars at 2100 GMT Wednesday.
The euro fell against the yen at 109.85 yen against 110.45 yen yesterday.
The dollar stabilized against the Japanese currency to 76.59 yen against 76.54 yen Wednesday.
The consumer prices jumped in July to the United States, according to figures released Thursday, an increase greater than the waiting analysts.
The index of consumer prices rose by 0.5% compared to June, the month in which he had dropped 0.2%.
Any speculation about a revival of measures to support the economy "should be scrapped" after the inflation figures because according to the chairman of the Federal Reserve (Fed) Ben Bernanke, these measures are a tool against the deflation, fell Rob Carnell, economist at ING.
Traders remained still cautious after the release of these figures, because as the Fed announced last week, any increase in the interest rate of the institution, not expected before 2013.
Rising interest rates, principal weapon available to a central bank to combat inflation, makes a currency more attractive to investors provided with other currencies.
In addition, the U.S. labor market, particularly affected by the economic crisis, remains sluggish, as shown a rebound in new jobless claims, which rose more than expected during the week ended Aug. 13.
For its part, the euro remained under pressure from the debt crisis in the eurozone and its impact on financial markets while European stock markets fell sharply Thursday.
Because of the uncertainty that still hangs over the markets of both sides of the Atlantic, investors continued to seek refuge with values considered safe as gold, yen and Swiss franc.
The ounce of gold has reached a new high Thursday at 1:10 p.m. GMT, to 1821.40 dollars, beating a record of one week.
Indeed, the yen remained near its highest level since World War II against the dollar, recorded March 17 at 76.25 yen to the dollar, and he came close last Thursday (76.31 yen).
For its part, the Swiss National Bank (SNB) decided Wednesday to step up measures to counter the strong Swiss franc, another safe haven, with a third operation in 15 days of injection of liquidity into the financial system.
But analysts at Commerzbank, where Swiss officials "want to fight the high cost of the franc today, they must act more decisively and quickly."
So to many observers, the Swiss franc could continue to be supported as new measures, as a possible temporary stowage of the franc to the euro, will not be.
Around 1:10 p.m. GMT, the Swiss franc rose against the euro at 1.1391 Swiss francs, and fell against the dollar at 0.7939 francs.
The British pound rose against the euro at 86.82 pence, and retreated against the dollar at 1.6520 dollar.
The ounce of gold finished at 1794.50 dollars in auctions in the morning against 1,790 dollars on Wednesday night.
The Chinese yuan ended at 6.3883 yuan against one dollar for 6.3872 yuan yesterday.
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