FOREXYARD: Forex News Blog | |
- EU Makes Gains as Bailout Package Expected
- EUR and USD Makes Gains on Japanese Yen
- Crude Oil Prices Rise Sharply
| EU Makes Gains as Bailout Package Expected Posted: 20 Feb 2012 08:42 AM PST
The meeting amongst EU finance ministers has begun in Brussels with high hopes for the second Greek bailout package to be approved. Several EU leaders, including the prime minister of Luxembourg and chairman of the eurozone finance ministers group, expressed their confidence that Greece would receive the necessary funds it needs to stay afloat. The euro has seen a rise against the sterling and Japanese yen in light of the positive atmosphere ahead of the EU finance ministers’ decision. The EUR/GBP stands at 0.8350, while the EUR/JPY is at and is at 105.44, an increase of 0.8%. |
| EUR and USD Makes Gains on Japanese Yen Posted: 20 Feb 2012 07:01 AM PST
The euro and US dollar made significant gains on the Japanese yen this afternoon. So far, the euro has solidified gains and is at 105.44, an increase of 0.8%. The greenback has taken its gains against the JPY to 79.89, a six month high for the USD/JPY. Driving this trend of a weaker yen is the decision taken last week by the Bank of Japan to insert heavy amounts of capital into the economy. So far, the weakening of the yen is consistent with the strategy of the BoJ in which the Japanese currency weakens and thus its exports become much more attractive to other countries. |
| Posted: 20 Feb 2012 06:03 AM PST
Crude oil has taken a sharp rise as tension between Iran and the West increases. In response to harsh sanctions handed down to Iran by western countries, the Islamic Republic announced Sunday that it will cut off shipments of crude oil to the UK and France. As of Monday morning, Brent crude oil prices have shot up by 1% to $120.59. While countries such as Saudi Arabia have done their best to reassure Western countries that they will fill any void left by Iranian actions, the price of crude is still experiencing dramatic volatility as tension over Iran’s nuclear program increases. |
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