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German comments result in euro downturn

17th October 2011

Comments made by German finance minister Wolfgang Schaeuble over the weekend have resulted in a dip in the euro this morning (October 17th) as trading got underway.

A drop of 0.3 per cent was witnessed against the dollar today at $1.3836, as Mr Schaeuble argued the upcoming European Union summit is unlikely to result in a solution to the ongoing problems being witnessed across the continent.

"The euro will probably go above $1.40 as we go through this week, but we could see a 'buy the rumour, sell the fact' response next week," Steve Barrow, head of G10 currency research at Standard Bank, told Reuters.

Meanwhile, difficulties in finding agreement in regard to the provision of eurozone bailout funding in the Slovakian parliament last week also impacted on the stability of the euro.

A no vote in regard to providing additional money for the fund on Wednesday saw the single currency pull up after several days of gains.

Posted by Andrew Henderson
 

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