The dollar is up slightly against its major European competitors on Monday, as concerns over the situation in Greece have reduced the risk appetite of investors. However, the dollar has weakened in comparison to the Japanese Yen.
Eurozone finance ministers will meet again in Brussels later today to finalize a deal to clear the next tranche of financing for Greece, after failing to forge an agreement on November 21. Once the deal is struck, lenders will release a loan installment worth 31.5 billion euros to the troubled euro nation.
The ministers held a conference call on Saturday to clear the hurdles before the Monday meeting. Speaking to the French media on Sunday, French Finance Minister Pierre Moscovici said the Eurogroup is close to a deal.
Pointing out that a solution is “possible” at the meeting, the minister said “we made strong progress”, meaning the Europeans will have a common position at today’s discussions.
Voters in Spain’s wealthy autonomous region of Catalonia have backed separatist parties seeking independence for the region in Sunday’s provincial elections, preliminary results revealed. The results gain particular significance against the background of austerity efforts by Spain.
The dollar has remained basically flat in comparison to the Euro on Monday, trading around the $1.2970 level, but is up slightly from Friday’s low of $1.2990.
Germany’s consumer confidence is set to decline in December, a survey published by market research group GfK showed Monday. The forward-looking consumer sentiment index for December fell to 5.9 from November’s downwardly revised reading of 6.1. December’s reading was below the expected level of 6.2.
The greenback has improved from Friday’s low of $1.6050 against the pound sterling, to around $1.6015 on Monday.
Bank of Japan Governor Masaaki Shirakawa on Monday stressed that the bank will continue monetary easing until its inflation target of 1 percent is in sight.
At the same time, the bank will also ascertain that if there is any significant risk to the sustainability of economic growth, including from the accumulation of financial imbalances, Shirakawa said in a speech at a business leaders’ meeting in Nagoya.
The buck has pulled back from Friday’s high of Y82.613 against the Japanese Yen on Monday, to around Y82.100.
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