There
was no silver lining for the euro on Thursday after Greece
voted through austerity demanded in return for another
bailout, as improved interest rate differentials drove the dollar
higher across the board.The New Zealand dollar sank to a
six-year low after weak inflation data cemented expectations
for a cut in its official rates next week, while the
Canadian dollar remained on the defensive after a cut
there on Wednesday.The euro did inch up briefly after the
Greek vote but the absence of any greater reaction also seemed
to signal a lack of faith that the bailout deal on the table will
fix anything, that Athens will stick to its terms and,
increasingly, that any of it will matter very much to the
rest of the euro zone.More importantly, perhaps, the spread
between short-term dollar and euro interest rates has risen again
as expectations of a rise in official U.S. borrowing costs this year
solidify.By 0844 the euro was 0.4 percent weaker at $1.0903,
its lowest in six weeks.
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