• ECB Lowers Outlook
  • ECB Lowers Outlook

    David Sumner | 09:20 | 10/12/12
    The Euro weakened against the U.S. Dollar for the first time in one month after the European Central Bank reduced its growth outlook for the region and ...

The Euro weakened against the U.S. Dollar for the first time in one month after the European Central Bank reduced its growth outlook for the region and left the door open to the possibility of lowering the cost of borrowing money. The Euro fell last week after the ECB concurred with the German Bundesbank to cut economic expansion forecasts.
Meanwhile, the U.S. Dollar slipped against the majority of the high-yielding free Forex currencies on Friday, following reports which showed that the country’s unemployment rate declined to close to a four-year low.
Other current exchange news indicated that the Swiss Franc dipped versus the majority of its peers as the Credit Suisse Group AG announced it will let its clients know which monetary units will be included in the plans to change “negative interest rates” on any of the balances. Furthermore, the Swiss central bank showed that its currency reserves dropped for a second month in November as the pressure of maintaining a ceiling on the Franc per Euro exchange rate eased.
The Yen traded at a seven-month low against the Euro subsequent to comments by the Deputy Governor of the Bank of Japan, Kiyohiko Nishimura, indicating that the bank is willing to opt for more stringent monetary easing.
Lastly, Canada’s Dollar climbed to the highest level in one month against its American peer on data that revealed the U.S. employment sector added close to six times as many jobs as predicted last month.

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