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Forex: Wednesday’s review
Yesterday the Dollar Index fell for the first time in three days as comments from U.S. lawmakers fueled optimism the so-called fiscal cliff will be avoided.
Equities reversed declines as Boehner, an Ohio Republican, said he is optimistic lawmakers engaged in budget talks can “avert this crisis sooner rather than later.” He made his remarks to reporters, while saying he continues to oppose the expiration of tax cuts for top earners and Democrats need to get “serious” on budget cuts. Obama said separately at the White House, “My hope is to get this done before Christmas.”
The yen rose to a one-week high against the dollar as technical indicators signaled its recent decline may have been excessive.
The euro pared losses against the greenback as stocks rebounded and amid speculation investors will accept Greece repurchasing its own bonds at below market prices. The euro pared losses as Greece said it would unveil plans next week to tender for bonds issued in its 100 billion-euro ($129 billion) restructuring this year. The prices are “expected to be no higher than those at the close” on Nov. 23, euro-area finance ministers said. Those notes trade at about 29.5 cents on the euro, up from 28.1 percent last week, according to brokerage Exotix Ltd. in London.
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