Tag Archives: forex

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

Prices of raw materials imported fell sharply

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Prices of raw materials imported in France fell sharply in October, according to monthly data released Tuesday by the National Institute of Statistics and Economic Studies (INSEE). The price index in foreign currency of all imported raw materials, to 234.1 points, and is the lowest since September 2010. The decline in the index for the third consecutive month, accelerated in October to -6.2% in foreign currency (-5.9% in euros).

Precious metals registered the largest decline, especially money (-16.2%) and platinum (-12.2%). Non-ferrous metals lost 8.4% (after -5.6% in September), led notably by copper (-11.6%) and zinc (-10.3%). The agro-industrial products were down 4% (-7.5% for natural rubber) and food raw materials by 5.9%. The course of arabica have, for example, fell by 10.5% due to improved crop prospects.

But these data are a monthly average spot prices (for immediate delivery), reflect the rise in prices that began in October on the futures markets. The daily quotation of the CRB index, for example, declined from 12.5% in September, but rebounded to 8% in October to 320 points at the end of the month.