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Dollar Mixed on Spain Concerns

Data Analysis 09:50:40AM Jun 13, 2012 Source:SMM

NEW YORK, June 12 (Xinhua) -- The U.S. dollar traded mixed against major currencies in late New York trading Tuesday as investors concerns about Spain's debt crisis continued to weigh on the euro.

The yield of Spain's 10-year government bonds rose to 6.74 percent, the highest closing level ever, as the concerns about the country's financing ability lingered. Investors worried that the 100 billion euros (125 billion U.S. dollars) rescue plan offered by other European countries could not permanently fix the country' s debt crisis.

Italy's bond yield also soared as its economy contracted in the first quarter, raising fears that it might be the next country to seek bailout.

Also, the upcoming election in Greece remained a concern for the investors. The euro was down in earlier trading on Tuesday, but recovered later.

"We believe that all the (Group of Seven) central banks are keeping their powder dry to be able to react forcefully after the Greek election, if necessary," said Greg Anderson, a currency strategist at Citi.

The Japanese yen on Tuesday slipped against the dollar as the International Monetary Fund supported Japan to expand its asset- purchase program and possibly intervene in currency markets to limit the yen's gains.

The dollar index slipped 0.099 to 82.449 Tuesday.

In late Tuesday trading, the dollar bought 79.49 Japanese yen, compared with 79.44 from late Monday. The euro was unchanged at 1. 2498 dollars.

The British pound rose to 1.5570 dollars from 1.5498. The dollar rose from 0.9609 Swiss francs to 0.9610, but fell to 1.0270 Canadian dollars from 1.0305.
 

Key Words:  U.S. dollar  

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Dollar Mixed on Spain Concerns

Data Analysis 09:50:40AM Jun 13, 2012 Source:SMM

NEW YORK, June 12 (Xinhua) -- The U.S. dollar traded mixed against major currencies in late New York trading Tuesday as investors concerns about Spain's debt crisis continued to weigh on the euro.

The yield of Spain's 10-year government bonds rose to 6.74 percent, the highest closing level ever, as the concerns about the country's financing ability lingered. Investors worried that the 100 billion euros (125 billion U.S. dollars) rescue plan offered by other European countries could not permanently fix the country' s debt crisis.

Italy's bond yield also soared as its economy contracted in the first quarter, raising fears that it might be the next country to seek bailout.

Also, the upcoming election in Greece remained a concern for the investors. The euro was down in earlier trading on Tuesday, but recovered later.

"We believe that all the (Group of Seven) central banks are keeping their powder dry to be able to react forcefully after the Greek election, if necessary," said Greg Anderson, a currency strategist at Citi.

The Japanese yen on Tuesday slipped against the dollar as the International Monetary Fund supported Japan to expand its asset- purchase program and possibly intervene in currency markets to limit the yen's gains.

The dollar index slipped 0.099 to 82.449 Tuesday.

In late Tuesday trading, the dollar bought 79.49 Japanese yen, compared with 79.44 from late Monday. The euro was unchanged at 1. 2498 dollars.

The British pound rose to 1.5570 dollars from 1.5498. The dollar rose from 0.9609 Swiss francs to 0.9610, but fell to 1.0270 Canadian dollars from 1.0305.
 

Key Words:  U.S. dollar