Talk about the EU launching Euro Bonds to raise capital in the wake of Europe’s sovereign debt crisis helped lift European stocks today and the uptrend continued in the currency markets as the EUR/USD hit session highs after the France/Germany conference call.
The USD sold off across the board today as European nations vowed to stand by Greece throughout the debt crisis. Of course, if Greece reneges on its promises then all deals are off.
The USD/CHF and the USD/JPY both were under selling pressure, however one bright spot for the greenback was the AUD/USD. The dollar continued its recent run versus the commodity currency as the Aussie hit fresh recent lows.
The Reserve Bank Of New Zealand (RBNZ) announced today that they are keeping rates unchanged at 2.5 percent. While many traders on the street expected and anticipated this move the Kiwi still experienced a mild sell off to the downside.