Corporate foreign exchange news

'Further falls ahead' for euro in foreign exchange trading

Friday, 30 September 2011 09:00:37 GMT

Posted by Zeb Bham
Over the course of the next couple of days the shared currency is likely to tumble close to $1.3400 in foreign exchange trading after today (September 30th) hitting $1.3549.
That is according to Commonwealth Bank of Australia strategist Joseph Capurso, who is quoted by Reuters as saying: "There is still a lot of uncertainty ... economic growth in Europe and the US is not that good and that will put pressure on the euro and give a bid to the dollar."
Currently the euro is gaining support in the $1.3475-85 area after moving as low as $1.3360 earlier in the month.
Meanwhile, against the Japanese yen it tumbled to 103.66, a decline of 0.8 per cent on the previous day's trade.
Commenting on the outlook, Bank of Tokyo-Mitsubishi UFJ currency analyst Teppei Ino stated the move was prompted by sales from Japanese exporters and a continuation of the recent turbulence.
Analysts may be hoping for a return closer to the level of $1.45 seen in June, but Gavin Stacey, head of Australia and New Zealand research at Barclays Capital, told Reuters earlier this week that further falls for the euro are likely.
For more information on foreign exchange treasury services and risk management, visit our Corporate FX site ADNFCR-2522-ID-800744583-ADNFCR
Logo

Speak to one of the team

Please get in touch.

Contact details

Corporate FX
5th Floor, 62 Cornhill
London, EC3V 3NH
United Kingdom
Tel: 020 7743 7000
Fax: 020 7743 7001
Email: info@corporate-fx.co.uk

Contact us / Feedback

Thanks for contacting us

Map and directions

We are situated in the heart of the city of London.

Nearest tube/DLR stations:

Bank
Liverpool Street
Aldgate
Monument

Nearest mainline rail stations:

Liverpool Street
Fenchurch Street
Cannon Street

Global Reach Partners Limited; Registered in England No. 4344764. Registered for Money Laundering Regulations and Money Services
Business at Her Majesty's Revenue & Customs registrations No. 12140164. Supervised by the FSA in accordance with the payment
services regulations 2009, registration No. 504315.
© 2009 Global Reach Partners. Site credits