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Euro up ahead of Jackson Hole meeting
Published: 29 Aug at 9 AM Tags: Euro Exchange Rate, Dollar Exchange Rate, Australian Dollar Exchange Rate, Euro Crisis, Spain,
The euro saw a rise again yesterday for the first time since Thursday’s seven-week high of $1.2589 as speculation circulates about what will be announced at Friday’s central bankers’ meeting in Jackson Hole. Experts believe that Fed chairman Ben Bernanke will announce a third period of quantitative easing in the US, which will bring down the dollar and help the euro rise.
Known as QE3, the next stage of easing would be bad for the dollar as markets see it as effectively printing money. Although QE3 is now largely expected to be introduced fairly soon, according to the minutes from the Federal Reserve’s most recent meeting, it is not known whether Bernanke will give a schedule at Friday’s meeting.
Investors are also looking further ahead in the hope that the European Central Bank (ECB) will soon start its bond buying scheme, easing pressure on debt burdened nations such as Italy and Spain. In a number of key meetings, the Constitutional Court will come together on 6 September, while the lending body known as the troika will meet to discuss Greece’s economic reforms progress later in the month.
After dropping on Friday following Thursday’s fantastic performance, the euro stayed down but steady at the beginning of the week. It, however, rose 0.5 per cent yesterday to $1.2567 with the session peak seen at $1.2576.
The increase in value was seen by some as a direct consequence of ECB president Marios Dranghi announcing that he will not be able to attend the meeting in Jackson Hole. The president said he had a “heavy workload”, which many believe could be due to the finalisation of the ECBs debt crisis policies.
Meanwhile, the commodity-driven Australia dollar continued to suffer this week on poor economic data from China that could affect Australia’s lucrative mining industry.
Known as QE3, the next stage of easing would be bad for the dollar as markets see it as effectively printing money. Although QE3 is now largely expected to be introduced fairly soon, according to the minutes from the Federal Reserve’s most recent meeting, it is not known whether Bernanke will give a schedule at Friday’s meeting.
Investors are also looking further ahead in the hope that the European Central Bank (ECB) will soon start its bond buying scheme, easing pressure on debt burdened nations such as Italy and Spain. In a number of key meetings, the Constitutional Court will come together on 6 September, while the lending body known as the troika will meet to discuss Greece’s economic reforms progress later in the month.
After dropping on Friday following Thursday’s fantastic performance, the euro stayed down but steady at the beginning of the week. It, however, rose 0.5 per cent yesterday to $1.2567 with the session peak seen at $1.2576.
The increase in value was seen by some as a direct consequence of ECB president Marios Dranghi announcing that he will not be able to attend the meeting in Jackson Hole. The president said he had a “heavy workload”, which many believe could be due to the finalisation of the ECBs debt crisis policies.
Meanwhile, the commodity-driven Australia dollar continued to suffer this week on poor economic data from China that could affect Australia’s lucrative mining industry.
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Source: moneytransfer.co.uk