Market News

In Asian trading today, the common currency Euro slipped to new multi-year lows versus the U.S. Dollar and the Japanese Yen, as well as the Swiss Franc.

For the second consecutive trading day, the Japanese Yen slipped broadly following the strong rebound in the global equity markets which sent investors in search of high yielding currencies.

The recent news from Japan that Yukio Hatoyama, the Prime Minister, would soon resign sent the Yen falling broadly in Asian trading today

The European Central Bank released its semi-annual stability report late yesterday, which noted significantly that Euro-zone banks will likely face an additional multi-billion Euro write-down in the second half of 2010 and throughout the 2011 calendar year, potentially reaching a net-loss as high as €195 billion.

In a subdued trading session as a result of holidays in both U.S. and U.K. markets, the single currency Euro moved higher versus the U.S. Dollar; as reported at 3:13 p.m.

As investors square their holdings in advance of the month’s end, the common currency Euro slipped against the greenback, trimming gains made in yesterday’s trading session.

Following last week’s narrow miss of a 4-year low versus the U.S. Dollar, the common currency Euro saw slight gains in Asian trading today.

The common currency Euro continues to hold close to a 4-year trough versus the U.S. Dollar; it also approaches an 8½-year low against the Japanese Yen on renewed investor worries about the stability and health of the banking sector in the Euro-zone nations.

The high yielding, high risk Aussie extended yesterday’s losses in Asian trading today.

Carry trade unwinding by investors pushed the Aussie lower in Asian trading today, a continuing consequence of last week’s risk averse tendencies.

Earlier this week, the Euro slipped to a 4-year trough versus the U.S. Dollar on continuing worries that economies in the Euro-zone will have difficulty recovering from fiscal woes.

Profit taking investors sold off their holdings in the common currency Euro, taking advantage of the previous session’s bounce when the Euro traded up off a multi-year low.

Yesterday, German officials announced a plan to prohibit naked short selling of shares in Euro-denominated government bonds and swaps, and some 10 German financial institutions, considered by many to be high-risk transactions. Subsequently, the common currency Euro slipped versus the safe-haven greenback to its lowest price in 4 years. As reported at 2:29 p.m. (JST) in Tokyo, the Euro was trading against the U.S. Dollar at $1.2193, a loss of .1%; earlier, on the EBS trading platform, it had traded at $1.2143, the lowest level in more than 4 years. This year alone, the Euro has lost nearly 15% of its value versus the U.S. Dollar.

GTL Trading DMCC has announced its participation in the 6th Middle East Forex Exhibition & Conference, which will be held on the 20th & 21st of May at the Habtoor Grand Hotel – Beirut Lebanon

Despite rebounding off a 4-year low, the single currency Euro continues to spiral downwards on investor fears