Euro slides to 11-month low against yen, volatility rises
The euro skidded to a fresh 11-month low against the safe-haven yen on Thursday as euro zone peripheral bonds came under pressure and as global growth worries sent investors in search of refuge. The euro fell 1 per cent against the Japanese currency to 134.36 yen on trading platform EBS. Against the dollar, the euro fell 0.8 per cent to $1.2720. The moves came as Greek 10-year bond yields rose by one per centage point, on mounting worries over the likelihood of early elections in Greece next year and a risky plan to leave the bailout programme a year ahead of time. German 10-year Bund yields, meanwhile, fell to a record low of 0.716 per cent as investors sought safe havens to park their money in.
Sterling held back by dampened UK rate hike expectations
Sterling fell against the dollar on Thursday, moving back towards the previous session's 11-month low, on expectations that a rise in British interest rates will be delayed. The dollar stabilised after a sharp sell-off on Wednesday following weaker-than-expected retail sales data. That pushed back expectations for a rate rise in the United States into 2016 and investors cut favourable dollar bets. Sterling was down 0.3 per cent against the dollar at $1.5975 , having hit $1.5875 on Wednesday. Sterling has lost ground all week as inflation fell to its lowest in five years. It also fell to a one-month low against the euro on Wednesday, but recovered to trade slightly higher at 80 pence per euro on Thursday.
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