Archive For "April, 2010"

The dollar was under pressure versus the euro Friday on rising hopes that a joint European Union-International Monetary Fund aid plan for Greece will be activated soon.

U.S. stocks ended the week lower after being hit by the tumult of the Greek debt crisis, a grilling of Goldman Sachs executives and the revelation that the Wall Street icon is being probed for possible criminal misconduct.

Given the breath-taking carnage in euro-zone bond markets, why is the euro still trading in the $1.30s versus the U.S. dollar?

LONDON (MarketWatch) — The dollar was under pressure versus the European single currency Friday, with the euro moving back toward its daily high after data showed the U.S. economy grew by 3.2% in the first-quarter.

LONDON (MarketWatch) — The U.S. dollar posted little reaction to data showing a 3.2% rise in real seasonally-adjusted U.S. first-quarter gross domestic product on Friday. The figure matched the consensus produced by a MarketWatch survey of economists. The euro traded at $1.3319, up 0.5% on the day but near the level seen ahead of the data. The dollar was up 0.4% against the Japanese yen at 94.35 yen.

LONDON (MarketWatch) — Ratings agency Moody’s Investors Service on Friday downgraded the bank financial strength ratings and the deposit and debt ratings of nine Greek banks. The move reflects “their weakening stand-alone financial strength and the anticipated additional pressures stemming from the country’s challenged economic prospects,” the agency said. Moody’s said the deposit and debt ratings will remain on review for possible downgrade, which will be completed when the agency concludes its ongoing review of Greece’s sovereign ratings. The move affects National Bank of Greece , EFG Eurobank Ergasias, Agricultural Bank of Greece, General Bank of Greece, Marfin Egnatia Bank and Attica Bank.

Most Asian equity markets end higher Friday as solid earnings reports lift major Chinese banks in Hong Kong, while exporters pace gains in the Japanese and South Korean markets.

LONDON (MarketWatch) — The unemployment rate across the 16-nation euro zone was 10% in March, unchanged from February, the European Union statistics agency Eurostat reported Friday. The agency estimates the total number of unemployed in the euro zone rose by 101,000 in March to 15.808 million. The unemployment rate was in line with forecasts.

Greece, already beset by strikes and protests as a result of government belt-tightening, will face additional austerity measures as part of the price for a massive, multi-year loan package from its euro-zone partners and the International Monetary Fund.

LONDON (MarketWatch) — Consumer prices in the 16-nation euro zone rose at an annual rate of 1.5% in April, accelerating slightly from a 1.4% pace in March, the European Union statistics agency Eurostat said Friday. The figure was in line with economists’ expectations. It remains below the European Central Bank’s target of near but just below 2%.