Tag Archives: euro

Euro slammed after Fitch downgrades Italy rating to BBB+

The euro was hurt by news that Italy's sovereign credit rating was cut by Fitch Ratings agency by one notch to BBB+ from A-, with a negative outlook. Fitch cited political uncertainty due to Italy’s recent inconclusive elections and a deep recession. In a statement Fitch said: "The inconclusive results of the Italian parliamentary elections on 24-25 February make it unlikely that a...

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March 8, 2013 @ 7:12 pm

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Swiss franc gains against euro on Italy election chaos

The Swiss franc gained against the euro as fear grips financial markets due to an indecisive Italian election. Exit polls show that there is no clear majority in the upper house of the Senate, despite a centre-left majority in the lower house. This will result in a hung parliament and lead to another election. Markets are concerned that a new government may result in a change in policy and...

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February 26, 2013 @ 8:25 am

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Euro slips to 6-week low on weak PMI data

The euro slipped to new lows against the dollar after European economic data missed expectations and raised concern over the recovery of the euro zone. The euro fell to a fresh six-week low of $1.3175 after being sold off on the back of euro zone manufacturing and services PMI number. The PMI (purchasing managers index) survey highlighted the weakness in euro zone economic activity, as the PMI...

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February 21, 2013 @ 10:08 am

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EBC’s Nowotny says euro exchange rate within normal range

European Central Bank policymaker, Ewald Nowotny, gave some support to the euro on Monday after saying that the “euro's exchange rate should not be dramatised”. “The euro-dollar exchange rate is in a region we’ve had before,” Nowotny told reporters in Vienna today. “There is an appreciation of the euro to the yen, but not to a dramatic extent. That means if it stays as it is...

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February 18, 2013 @ 2:17 pm

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