The dollar continued to hammer the slumping euro on Monday, supported by a better-than-expecting reading on U.S. manufacturing and concerns that Greece is on the verge of default. Greece, which needs 8 billion euro from its neighbors to make its next payment, admitted that it will miss its 2011-12 deficit targets set by the EU
The dollar rallied versus the euro on Friday amid mounting concerns that Europe faces more hurdles to overcoming its economic malaise. The prospects for euro zone growth took a hit this morning with the release of data showing that euro zone inflation rose well above levels targeted by the European Central Bank. Euro zone annual
The dollar came under modest pressure on Tuesday, giving back more of its strong recent gains amid renewed hopes that Europe can manage its sovereign debt crisis. Reports said officials will likely set up a special purpose vehicle, drawing funds from the European Financial Stability Facility and by selling bonds to investors. The SPV would
The dollar leveled off versus other majors on Friday, but remained near 8-month highs set during the previous session amid fears that a Greek default will spark a wider crisis in the Euro zone. Although the European Central Bank could provide needed liquidity to Europe’s fragile banking system in the event of Greek restructuring, some
The Swiss franc edged sharply lower against its major counterparts in early New York deals Tuesday after rumors spread in the market that the Swiss National Bank will re-peg EUR/CHF to 1.25 from 1.20, tomorrow. The Swiss National Bank, on September 6, set a minimum exchange rate for the Swiss franc at CHF 1.20 per
