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04 Jul 2011: Standard & Poor
EUR/USD: Standard & Poor's said the debt rollover plan may put Greece into selective default
Euro eased from one-month highs against the dollar after Standard & Poor's said a debt rollover plan being considered for Greece may put the country into selective default, although solid support at lower levels are likely to check losses. The euro had hit a one-month high of $1.4580 earlier on Monday, as near term worries that Greece may default and risks of a contagion eased. On Saturday, euro zone finance ministers approved a 12 billion euro loan that Greece needed to avert default, but the country still needs another rescue package, which is expected to total around 110 billion euros. Euro zone officials are working on how private creditors can be involved voluntarily, with French banks, major holders of Greece sovereign debt, putting in place proposals to rollover the debt when they fall due. US Markets are closed today for Independence Day.
EUR/GBP: Sterling strengthened against euro for the first time in six sessions
Sterling strengthened against euro for the first time in six sessions, recovering from a 15- month low reached against the shared European currency at the end of last week. Sterling appreciated 0.3 percent to 90.13 pence per euro as of 8:09 a.m. in London, from a close of 90.39 pence on July 1 when it reached 90.84 pence, the weakest intraday level since March 2010. Reports released this morning showed solid growth of activity in the UK construction sector in June, with the seasonally adjusted Construction Purchasing Managers’ Index posting 53.6. However, the latest reading fell slightly from 54.0 in May, with a slowdown in new business growth the primary contributor to the lower rise in activity.
Euro eased from one-month highs against the dollar after Standard & Poor's said a debt rollover plan being considered for Greece may put the country into selective default, although solid support at lower levels are likely to check losses. The euro had hit a one-month high of $1.4580 earlier on Monday, as near term worries that Greece may default and risks of a contagion eased. On Saturday, euro zone finance ministers approved a 12 billion euro loan that Greece needed to avert default, but the country still needs another rescue package, which is expected to total around 110 billion euros. Euro zone officials are working on how private creditors can be involved voluntarily, with French banks, major holders of Greece sovereign debt, putting in place proposals to rollover the debt when they fall due. US Markets are closed today for Independence Day.
EUR/GBP: Sterling strengthened against euro for the first time in six sessions
Sterling strengthened against euro for the first time in six sessions, recovering from a 15- month low reached against the shared European currency at the end of last week. Sterling appreciated 0.3 percent to 90.13 pence per euro as of 8:09 a.m. in London, from a close of 90.39 pence on July 1 when it reached 90.84 pence, the weakest intraday level since March 2010. Reports released this morning showed solid growth of activity in the UK construction sector in June, with the seasonally adjusted Construction Purchasing Managers’ Index posting 53.6. However, the latest reading fell slightly from 54.0 in May, with a slowdown in new business growth the primary contributor to the lower rise in activity.