Renewed concerns about Spain`s inability to cut its budget deficit and prevent further bailout as well as fears over a planned Greece exit of the Eurozone caused markets to tumble on Friday.
In effect, interest rates on Spain?s 10-year borrowing rose to 7.59 percent, the highest since the euro was created, and the stock market in Madrid fell by 5 percent in morning trading following fresh bad news about the poor financial health of the country.
Attention is now focused on Tuesday?s meeting between German and Spanish finance ministers Wolfgang Schauble and Luis de Guindos, amid fears that spiraling bond yields in the Eurozone?s fourth biggest economy will force it to seek an additional ?200 BN, bringing the total bailout to ?300BN and quickly turning into a sovereign bailout.
Moreover, forex online trading experts were unimpressed by de Guindo?s claims that Spain would not become the fourth Euro country to require such bailout, after Murcia became the second Spanish region to request financial assistance from the government and official economic data points towards an imminent recession in 2013.
The forex online trading EUR/GBP hit the 0,7760 mark in the European morning, the lowest since October 2010, to consolidate in 0,7792, gaining 0,12 percent. The EUR/JPY fell to a 12-year low, hitting the 94,47 level.
Hints from top politicians in Berlin about Germany preparing the ground for Greece to leave the single currency also unsettled forex online trading markets, with general secretary of the Christian Social Union Alexander Dobrindt arguing that Greece would be better off outside the Eurozone.
?With Greece we have reached the end of the road. There must not be any further aid. A country which does not have the will to fulfill the conditions, or is not able to do so, must get a chance outside the Euro?, Dobrint told Die Welt.
This week, the Euro is likely to see additional volatility, as a batch of euro news is set to be released. Tuesday might be a particularly busy day in forex online trading as both France and Germany are set to release manufacturing data. Should any of the indicators come in below their expected levels, the euro could extend its downtrend.
On the other hand, the US dollar continued with its upward trend against the EUR and CHF, as investors sought safe-haven assets following the Spanish debt fears. ?Tuesday is also a big day for the dollar, with FED chairman Bernanke speaking on Tuesday about the possibility of a new round of QE to stimulate the American economy.
Forex online trading is receiving Euro news with concern, as the common currency is plunging to a 2 year low against its main currency rivals, especially the US and Australian dollar and the Japanese Yen.?Renewed concerns about Spain`s inability to cut its budget deficit and prevent further bailout as well as fears over a planned Greece exit of the Eurozone caused markets to tumble on Friday.?In effect, interest rates on Spain?s 10-year borrowing rose to 7.59 percent, the highest since the euro was created, and the stock market in Madrid fell by 5 percent in morning trading following fresh bad news about the poor financial health of the country.?Attention is now focused on Tuesday?s meeting between German and Spanish finance ministers Wolfgang Schauble and Luis de Guindos, amid fears that spiraling bond yields in the Eurozone?s fourth biggest economy will force it to seek an additional ?200 BN, bringing the total bailout to ?300BN and quickly turning into a sovereign bailout.?Moreover, forex online trading experts were unimpressed by de Guindo?s claims that Spain would not become the fourth Euro country to require such bailout, after Murcia became the second Spanish region to request financial assistance from the government and official economic data points towards an imminent recession in 2013.?The forex online trading EUR/GBP hit the 0,7760 mark in the European morning, the lowest since October 2010, to consolidate in 0,7792, gaining 0,12 percent. The EUR/JPY fell to a 12-year low, hitting the 94,47 level.?Hints from top politicians in Berlin about Germany preparing the ground for Greece to leave the single currency also unsettled forex online trading markets, with general secretary of the Christian Social Union Alexander Dobrindt arguing that Greece would be better off outside the Eurozone.??With Greece we have reached the end of the road. There must not be any further aid. A country which does not have the will to fulfill the conditions, or is not able to do so, must get a chance outside the Euro?, Dobrint told Die Welt.This week, the Euro is likely to see additional volatility, as a batch of euro news is set to be released. Tuesday might be a particularly busy day in forex online trading as both France and Germany are set to release manufacturing data. Should any of the indicators come in below their expected levels, the euro could extend its downtrend.On the other hand, the US dollar continued with its upward trend against the EUR and CHF, as investors sought safe-haven assets following the Spanish debt fears. ?Tuesday is also a big day for the dollar, with FED chairman Bernanke speaking on Tuesday about the possibility of a new round of QE to stimulate the American economy.
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