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Forex: Monday's review
The euro weakened on speculation some European nations will struggle to raise funds amid the region’s debt crisis after rating companies downgraded the creditworthiness of Ireland and considered additional cuts.
The single currency depreciated, falling to two-week lows against the dollar and the yen as Moody’s Investors Service downgraded two Dublin-based lenders to junk status.
The Swiss franc climbed to a euro-era record, appreciating 1.1% to 1.2641. Against the dollar it appreciated 0.3% to 0.9655.
The Swiss National Bank last week held the three-month Libor target rate at 0.25% in an attempt to keep a lid on the currency. The franc’s strength against the euro has threatened the country’s export-led recovery.
The dollar was boosted against the euro by the demand for safety and optimism the world’s largest economy is improving.
EUR/USD: the pair shown high in the field of $1,3200.
GBP/USD: the pair shown high in the field of $1,5560.
USD/JPY: the pair bargained within the limits of Y83,55-Y83,80.
UK data at 0930GMT Tuesday is expected to see the PSNB come in at -stg16.8 billion with PSNCR at stg13.2 billion.
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