The euro held its ground versus the dollar Monday in New York, amid muted reaction to the sudden death of North Korean dictator Kim Jong-il.
Kim died on Saturday morning while on a train journey outside the country’s capital, the North Korean state television reported today.
Heavy selling pressure drove the euro to its lowest in eleven months versus the dollar last week, but traders are now waiting for further developments in Europe, where finance ministers are set to discuss the region’s sovereign debt crisis.
European Central Bank President Mario Draghi cautioned this morning that debt-ridden nations should not think of leaving the euro zone. In an interview with FT, Draghi warned about inflation and said that political leaders should concentrate on fiscal reforms.
Fitch Ratings on Friday affirmed France’s Long-term foreign and local currency Issuer Default Ratings as well as its senior debt at ‘AAA’, but revised the rating outlook on the country’s Long-term rating to “Negative” from “Stable.”
The Eurozone current account logged a seasonally adjusted deficit of EUR 7.5 billion in October, compared to a surplus of EUR 2.2 billion in September, the European Central Bank said Monday.
The average asking price for a house in the United Kingdom was up 1.5 percent on year in December, property website Rightmove reported on Monday, after adding 1.2 percent in November.
The financial market situation is going through a more dangerous phase than in 2008-09, Bank of England policymaker Paul Fisher told Market News in an interview on Monday.
The euro was steady near $1.3030 versus the dollar, up very slightly from near $1.30. The euro bottomed out at $1.2944 last week, its lowest since January.
There was little movement at GBP 0.8390 versus the sterling, not far from last week’s 10-month low of GBP 0.8372.
The euro flat-lined versus the yen, holding Y101.50, near its 11-year lows.