• Voter paralysis

    With so much tilting voters against change, democratic reason is the loser, says Solly Moeng.

  • The power of perseverance

    True grit is a reliable predictor of who will achieve success in life, says Ian Mann.

  • It's the system

    The system sucks and it’s being used far too often as an excuse, says Mandi Smallhorne.

All data is delayed
Loading...
See More

Euro dips as EU deal rally fades

Jul 02 2012 09:40
Reuters

London - The euro dipped and German bond prices rose on Monday as the  euphoria over the latest measures to ease Europe’s debt crisis ebbed and tepid manufacturing data from Asia raised concerns about the health of the global economy.

Riskier assets including equities, commodities and the single currency gained sharply on Friday after euro zone leaders agreed to allow their new bailout fund to inject money directly into banks from next year and intervene in bond markets.

“While the policies agreed by EU Leaders are a step in the right direction they are on their own unlikely to resolve the eurozone sovereign debt crisis,” Lee Hardman, currency economist at Bank of Tokyo-Mitsubishi UFJ said.

The euro fell 0.3% to $1.2625, after spiking 1.7% against the dollar to a high of $1.2693 on Friday, its biggest one-day jump in eight months.

Yields on the 10-year German government bond eased 3 basis points to 1.55 percent as prices rose, and gold also edged down 0.3% to $1 591.64 an ounce.

European equities were around seven-week highs, with the FTSEurofirst 300 of top companies up 0.1% at 1,022.68 points, but gains were capped by the weakening growth outlook and Germany’s stock market opened lower.

Purchasing managers surveys in the major exporting nations of China, Japan, South Korea and Taiwan all showed demand from importing centres such as Europe and the United States to be weaker than expected in June. 

 
markets  |  euro

NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Comments have been closed for this article.
 

Company Snapshot

We're talking about:

THE DEBT ISSUE

Debt is one of the biggest financial issues facing South Africans today. Find out how you can avoid and manage your debt with Fin24 and Debt Rescue.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Would you take out a payday loan?

Previous results · Suggest a vote

Loading...