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American focus: euro fell
Today’s main news related to the emerging information on the decisions of the European leaders of the agreement to extend the fund EFSF. The euro rose on speculations of reaching agreement between France and Germany on the expansion ESFS to 2 trillion euros. Then the Financial Times Deutschland published a statement by the Minister of Finance of Germany Schäuble that ESFS size can be increased to a maximum of one trillion euros, and Chancellor Merkel said today that there is “no magic wand” to solve the region’s fiscal crisis. Euro down when lawmakers rejected direct guarantees to fund EFSF.
Sterling rose for the first time in three days, advancing 0.6 percent to $1.5805 on speculation a resolution to Europe’s debt crisis will help boost Britain’s economy. Bank of England policy makers voted unanimously to expand the size of their asset-purchase stimulus this month, according to minutes of their Oct. 6 meeting released today. Strains related to Europe’s debt crisis created a “compelling” case to add to the program, according to the minutes.
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