• IMF Proposes $500 Billion Increase
  • IMF Proposes $500 Billion Increase

    David Sumner | 09:15 | 19/01/12
    The Euro extended gains from the previous day against the Yen and the U.S. Dollar after the International Monetary Fund proposed increasing its lending capacity by $500 ...

The Euro extended gains from the previous day against the Yen and the U.S. Dollar after the International Monetary Fund proposed increasing its lending capacity by $500 billion Dollars in order to protect global economies from the ongoing sovereign debt crisis in Europe. The shared currency continued to rally to the upside after it was confirmed that Greek officials renewed talks with creditor banks.

Meanwhile, the greenback weakened as demand for Forex safe havens declined on reports showing that confidence among U.S. homebuilders climbed to the highest level since 2007. The U.S. Dollar dropped further as risk appetite dominated market sentiment on data showing a rebound in U.S. Industrial Production.

Other Forex news revealed that the British Pound fell against the Euro and the Swiss Franc as a result of higher unemployment in the U.K. Reports showed that it climbed to 8.4 percent in the quarter up to November, which marked the biggest surge since January of 1996.

The exchange rate for the Australian Dollar versus the greenback hit the highest rate in 11 weeks in anticipation of upcoming job reports which are expected to show an increase for the month of December. The Aussie rallied further against the U.S. Dollar as a private release indicated that Consumer Confidence had gone up considerably. The New Zealand Dollar also strengthened the most since November versus the U.S. Dollar after economic figures indicated that home sales rose and prices remained close to the highest levels since 2008.

 

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