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

Reuters
Forex News
2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | News Archive
Most Viewed Companies
Ticker Price Volume
EEC 22.05 563,855
APBS 0.71 5,000
SABIC 83.25 2,467,757
DSI 0.49 20,060,859
DUR 20.6 14,337
GFH 0.24 17,595
DHBK 39 39,966
Recent News

Muscat bourse resumes trading of Galfar shares
Muscat bourse on Wednesday resumed trading of Galfar Engineering and Contracting Company’s shares, after the company posted a detailed disclosure statement on the Muscat Securities Market on its comp

Personal loans of Oman banks register 10% growth
Oman’s conventional banks have posted a robust 10.44 per cent growth in aggregate personal loans, or consumer loan portfolios, which stood at OMR7,680.96 million by the end of June 2016.

T

Seminar spotlights SAP Business One solutions
Infoline LLC, the leading BPO & IT Enabled Service provider in Oman along with their technology partner WMS, recently organised a seminar on SAP Business One solutions at Crowne Plaza Muscat.

Euro-sterling parity is a reality, says HSBC
When UK businessman Paul Frampton bought the spending money for his family vacation to Tuscany this month, he was astonished to be charged almost a pound for each euro he purchased.

“I was f

Doha Bank gets cardholder data security certification
Doha Bank was awarded the PCI-DSS Level 1 certification by the renowned PCI Certification body SISA. PCI is the only standard dedicated to security of cardholder data and rated as one of the most str

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

Poll

Looking ahead, what change you are more likely to make in investing in your domestic stock market?