Tell Us About Your Transfer
We'll Tell You Where to Get the Best Rate!

Amount:
From:
To:

  International Transfer
  Travel Money
  • Compare Currency Brokers to Find the best deal
  • Save on Expensive Bank Fees
  • Pay 0% Commission on your Currency Exchange
  • Take Part in the Community and learn about Transfers
 

The Euro Leaves its Mark… again.

Eurozone DiagramNo Movement in The US

The markets in the US made small gains again today with the DJIA finally giving way and ending its four day run of gains. The industrial index was down 0.8% at the the bell, closing out at 13,165.19. The S&P 500 did not stumble, maintaining recent momentum and finishing at 0.04% up – representing its longest rally since March. The index is still failing to break the 1400 barrier, something that it has threatened to do for some time. The lack of movement was expected with details out of the European Central Bank still not forthcoming due to the summer break.

The Euro Crisis

Investors have been trading on the hope that the ECB will announce a fresh round of quantitative easing but the official course of action, for now at least, appears to be solely focused on the purchasing of sovereign bonds. Unfortunately for the this to take place the country in question must request a bail-out, something Spain is yet to do. The Eurozone as a whole must accept the bail-out request but with Germany’s belief that full blown austerity should be mandatory for all nations receiving a bail out Spain seem reluctant to ask for the help they so clearly need. Their reasoning is based around the fact that they must then stick to set targets to benefit from any potential purchasing of bonds. With no further signs of this happening investors have become reluctant to put any more money into the markets, with many completely withdrawing their profits after this week’s rally.

The Markets

There were still sharp gains for traders to take advantage of, however, with Cisco Systems rising 3.15%. The increase came on the back of Goldman Sachs making the technology giant its “conviction buy”. End-user consumer goods as a whole did fall across the board as signs of consumer confidence beginning to wane. E-Trade Financial gained 6.86% when they announced the departure of Steven Freiburg, who will be temporarily replaced while the hunt for a new chief executive takes place. The Nasdaq rose 0.25% to 3,018.64.

The US dollar gained on almost every other global currency, with a rise of 0.30%, after a turbulent time earlier in the week. Oil continued its reasonably steady rise, gaining 1c per barrel, as it edged its way closer to the fabled $100 mark. There has been much concern across the board that this will eventually hit business profits, economic growth and eventually consumers.

Leave a Reply

Your email is never published nor shared. Required fields are marked *

*
Name*:
*
Email*:
Website:
Comment*: