• Nene's SAA nemesis

    No political figure seems to have the guts to speak out against Dudu Myeni, says Solly Moeng.

  • The mp3 revolution

    Ian Mann takes a look at the war between digital music and the compact disc.

  • Don't take us for fools

    It's time for businesses to stop thinking consumers are gullible, says Mandi Smallhorne.

All data is delayed
See More

Euro stuck at 4-month low vs dollar

Jan 10 2011 09:42

Hong Kong - Mounting fears over sovereign debt in the eurozone kept the euro tethered to four-month lows against the dollar on Monday, with investors nervous ahead of a flurry of bond sales from the region's weaker states.

Portugal, Spain and Italy were expected to pay a high price to tap capital markets in what is seen as the year's first major test of whether the countries on the eurozone's periphery can fund their huge debt piles at sustainable cost.

"Clearly the sovereign debt issue is still there and the market is quite happy to just sell euros," a trader at a US investment bank said.

The euro also slid to near 1.2450 Swiss francs and ¥107.00 . The single currency last stood at 1.2470 francs and ¥107.17.

The dollar index , which tracks the greenback's performance against a basket of major currencies, rose to a five-week high, recovering from a brief dip following weaker US non-farm payrolls data on Friday.

The index last traded 81.01 after hitting a high of 81.2 earlier in the day.

Asian stocks were little changed on Friday with trading volumes light as Japanese markets remained closed for a public holiday. The MSCI Asia ex-Japan index was up 0.1% with energy stocks outperforming on oil's rebound.

Crude oil surged towards $90 a barrel, bouncing back from last week's 3.2% dip, after a leak shut an Alaskan pipeline that carries 12% of US crude output.

The Trans Alaska Pipeline was shut down on Saturday with no indication of when it would reopen after a leak discovered at Prudhoe Bay, forcing oil companies to cut output to 5% of their daily average of 630 000 barrels.

Earnings season for major US corporations kicks off later on Monday with major industrials, big oil, banks and chipmakers scheduled to report quarterly numbers.

Aluminum producer Alcoa , scheduled to report later on Monday, was expected to post a strong fourth-quarter profit amid signs that a growing global economy is pushing up demand for aluminum and driving up the metal's price.

europe debt crisis  |  dollar  |  markets  |  yen  |  euro


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
Comments have been closed for this article.

Company Snapshot

We're talking about:


Marketing is a big concern in SA's small business community, followed by a lack of confidence and partnering with the wrong people, according to a survey.

Money Clinic

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

Voting Booth

The 25 basis points interest rate increase is:

Previous results · Suggest a vote