FOREX-Euro rises on German Ifo, gains seen fragile

20/04/2012 23:49 AST

The euro rose on Friday after a better-than-expected a German business sentiment survey, but gains looked set to be capped by concerns over Spain's finances and uncertainty ahead of the first round of French presidential elections on Sunday.

Germany's Ifo business climate index rose to 109.9 in April versus a forecast of 109.5, in a sign the euro zone's largest economy continued to outpace the bloc's debt-ravaged southern states.

The euro rose 0.3 percent to a session high of $1.3180, but stayed in a range roughly between $1.30 to $1.32 that it has traded in since early April. Traders cited sizeable options expiries around $1.32 that were likely to check gains.

Despite signs German economic growth was still robust, the outlook for the euro zone and the common currency remained cloudy given Spanish bond yields were trading above 6 percent, within range of a 7-percent level that is seen as unsustainable.

Further pressure on Spanish and Italian yields could see the euro move towards the lower end of its recent range. Analysts said a break of strong resistance around $1.30 could open up the door to a test of the 2012 low of $1.2624, but most expected the euro to stay rangebound ahead of the French vote.

For more on this Click Here

Forex News
2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | News Archive
Most Viewed Companies
Ticker Price Volume
SABIC 78.21 4,171,255
RIBL 13.97 350,849
STC 61.28 524,151
SAGRINSURANCE 20.79 420,853
EEC 27.53 1,604,688
SPIMACO 36.48 194,656
BAHRI 37.74 1,565,082
Recent News

KSE Winds Up Month With 25.24 Pts Slide
Kuwait stocks headed further south on Wednesday to wind up the month on a gloomy note. The price index dipped 25.24 pts to 5,725.96 points weighed by selling in select mid and small caps. Some of the

UAE’s GDP to grow more than 3.5%: Mansouri
Sultan Bin Saeed Al Mansouri, Minister of Economy, said the Gross Domestic Product (GDP) of the UAE is predicted to grow more than 3.5 per cent to more than Dhs1.6 trillion this year, compared with D

Global oil market to remain bearish
LOOKING into crude future is often a professionally hazardous undertaking. Yet - despite the pitfalls - at this stage, the medium- to long-term crude outlook appears least rosy.

And ther

Gulf Holding Co. appoints Al Khan as its new CEO
GULF Holding Company (GHC), developers of the Villamar project, announced the appointment of Majed Al Khan as CEO of the company and the head of the Villamar development.

Al Khan joins GHC

Non-oil sector to help lift UAE’s economic growth
The UAE’s economic growth will top 3.5 percent this year as the non-oil sector continues to expand despite the oil price slump, said Sultan Al Mansouri, the Minister of Economy.

National G

GulfBase GCC Index
Search By
  • Company Symbol
  • Company Name
  • Mutual Fund Name
  • News Content
Send this page to a friend


Which of the following do you think is the best long-term investment?