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Forex: Friday’s review
On Friday the euro rose against the dollar after the media reported that the euro-area policy will present a program of financial rescue Spain in the beginning of next week.
The single currency rose for the first time in four days against the yen after the Financial Times said that officials of Spain and the European Union are working on plans for bond purchases by the European Central Bank to support the economy of countries in need.The plan will be announced on September 27 and will focus on structural reforms in the economy of Spain, at the request of the EU, not in new taxes and spending cuts.
Also, the Spanish Prime Minister Mariano Rajoy will meet with his Italian counterpart Mario Monti in Rome.
The pound rose to its highest level in over a year against the dollar, despite the fact that the United Kingdom reported the largest budget deficit in August.
The Canadian dollar was down against the U.S. dollar after the controversial data on consumer prices in Canada in August. Basic annual inflation in Canada was 1.6%, below the Bank of Canada's target of 2% in the medium term. Overall inflation was 1.2%. Economists had expected core inflation of 1.5%, and the total - 1.3%.
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