According to experts from UBS, the maturing payments on government debt of Eurozone countries in the first quarter of 2012 amount at 157 bln. Euro. The European leaders, lead by Merkel and Sarkozy, have pledged to draft a plan aiming at a decrease and control over government spending by the end of that period and the first of series of meetings will take place on January 9th.
The last problem that has contributed for the ongoing debt crisis appeared on the last working day for 2011, when the Spanish government announced that its budget deficit for 2011 will amount at 8% of GDP – a figure much higher that analysts’ expectations.
In its first trading session for 2012 the EUR/USD pair remained pretty much unchanged, closing at 1.2934. Compared to May 2011, however, the single currency has lost more than 13% against the Greenback. The Euro also hit record low against the Japanese yen, as the psychological level at 100 was solid broken and the pair closed at 99.45.
The British pound registered a slight increase against the dollar from 1.5499 to 1.5512. The greenback also depreciated against the yen, closing at 76.87.
The crude oil registered a 1.5% increase to 100.35$ per barrel as fears of supply disruptions began to take place due to Iran’s fast developing nuclear program.
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The Euro Continues to be Under Pressure at the Beginning of the New Year
Published 01/03/2012, 07:29 AM
Updated 04/25/2018, 04:40 AM
The Euro Continues to be Under Pressure at the Beginning of the New Year
The single currency continued its sell-off against its major counterparts as the future of the Eurozone in its present state remains at stake
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