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The dollar had maintained its stand on a higher stand against a basket of principal currencies as on Wednesday. This had happened following Janet Yellen, Federal Reserve Chair had announced that the Central Bank is back is in line with its decision to increase interest rates before the year terminates. She had also added that the US labour is putting back more health but "still some slack."
Some hours after the Greek parliament had given their approval for four measures which were requested to finalise the third bailout from its Eurozone creditors, the European Central Bank has given its consent to grant the almost bankrupt nation 900m euros on Thursday which could possibly help the nations to reopen their banks. Also, euro zone officials had put finishing touches to the resolution to help Greece with a short term bridge 3.5billion euros that would help them offset their obligation to the ECB next week. Big news for the euro.
The EUR/USD currency pair had dropped by considerable margin on Fiday, the losses were rathered extended as the German parliament had opened the stage for fresh bailout talks with Athens as powerful US inflation data had boosted arguments for a September interest rate hike by the Federal Reserve which were kind of hawkish. The pair hovered around a peak of 1.0907 and a low of 1.0828 and then went on to settle at 1.0831, down by a margin of 0.41% for the session.
The EUR/USD on Tuesday rallied recording its biggest one-day move for over a 30 days interval. This is related to the calm and normalcy that had been previously lacking in the Eurozone after weeks of heavy volatility tied to the Greek Debt Crisis. The EUR/USD traed between 1.0967 and 1.0812 as of Tuesday’s session and then it went down to settle at 1.0942 which is 1.06% up
The euro was still reeling under the pressure following the output from Markit which had elaier reported that preliminary manufacturing PMI for Germany had ticked down to 51.5 for this month which is a decline from the 51.9 for June. This is well below what the market has expected as regards unchanged reading. Against the pound, the euro was fractionally lower; the EUR/GBP eased tp 0.7074 which is by 0.08%.
The EUR/USD dropped a little down on Friday which was a turn around on some of the gains from a one session earlier in face of mixed data contributed from both continents. The EUR/USD pair had traded in a tight range between 1.0996 and 1.0925 before it settled down by 0.08%. For the week, the euro had put on more than 1.3% against the American dollar following the clamp down on the tension generated by the Greek Debt Crisis.
The New Zealand dollar had moved up against the US counterpart on Tuesday as the lack of certainty (which is rather mounting) as we await the monthly policy statement of the Federal Reserve on Wednesday keeps mounting on the demand for the greenback. NZD/USD had touched 0.6676 as for late Asian trade: this is the pair’s highest since July 23
The Bank of England had announced that on Wednesday that the total net lending to individuals had risen to 3.8bn pounds for the previous month. This was above the forecasts for 3.0 billion pounds as well as increment from 3.1 billion pounds in April. The report has revealed that the number of final mortgage approvals had increased to 66,580 in June from 64,830 in May. Economists were of the opinion that mortgage approvals would rise to 66,000 the previous month.