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Undecided Direction For Euro Against Major Currencies

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The single European currency did not know where to turn Wednesday noon after an Ecofin Council that has left traders dissatisfied. Around 24:40, the euro is perfectly stable against the dollar at 1.3333 dollar the euro. It ranged from 1.3259 this morning and 1.3359.

The European currency is 0.15% against the yen at 104.2 and against the Swiss franc to 1.2285, but loses much against the pound at 0.8527.

About the European sovereign crisis, the morale of traders still alternates between the hope raised by the effects of official announcement of the old continent and concerns about the real nature of decisions. Yesterday, the meeting of central bankers in the euro area (Ecofin) has released a tranche (the sixth, traders calculate Pictet & Cie) of 8 billion euros in aid to Greece in exchange for austerity measures. Reviewed by Aurel BGC, ‘there will be no default of Greece before Christmas.

However, the European Council of December 8 and 9 this afternoon raises more doubts. The famous European Financial Stability Fund (EFSF) is likely not to be given the capacity of intervention of 1,000 billion initially referred

Euro Confidence Starts To Stabilize

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Pending clarification of the political situation in some fragile countries in the euro area, the single currency has stabilized against the greenback around 1.377 dollar, and back against the Japanese currency to 107.5 yen. The dollar is trading 78 yen.

Following the successful vote of confidence in the Greek parliament on Friday night, the two major Greek political parties agreed to form a government of national unity without George Papandreou.

‘We’ll have this government to quickly introduce austerity measures to obtain the second round of funding in addressing the important payment deadline of 19 December’, warns a professional based in London.

‘While we have not finished our Greek salad, they bring us the main course and the problem of political credibility in Italy resulting in a record rate in Italy to 10 years, since the ECB’s threat not to intervene Italian bond market …’, said Barclays Bourse.

The Manager will monitor the vote of confidence in the Italian Parliament tomorrow, which could lead to the fall of the Berlusconi government: three deputies went to the opposition and six others called for the resignation of the chairman.

On the old continent, the single currency down against the pound sterling against the euro to 0.858 pound, and is progressing towards the Swiss franc at 1.233 Swiss franc.