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Euro rises as greek pro-bailout party leads opinion polls by 123wert sdfsf
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Euro rises as greek pro-bailout party leads opinion polls |
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Business,Business News,Business Opportunities
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May 28, 2012 8:08 AM GMT+0800 The euro rose for the first time in five days after opinion pollsin Greece showed voters warming to parties supporting the EuropeanUnion s bailout, easing concern the country will exit the currencybloc. The 17-nation currency rebounded from the lowest since July 2010after data showed trader bets on a decline in the euro reached arecord high. The dollar and yen weakened versus most of their 16major counterparts on decreased demand for the currencies as ahaven from Europe s debt crisis. The market s main focus remains on whether Greece has to leavethe euro, said Junichi Ishikawa, an analyst in Tokyo at IGMarkets Securities Ltd.
Any sign that anti-austerity parties arerunning out of steam could trigger some unwinding of euro shorts. A short is a bet that an asset s price will fall. The euro climbed 0.4 percent to $1.2571 as of 8:38 a.m. in Tokyofrom the close in New York on May 25, when it touched $1.2496, theleast since July 6, 2010.
It added 0.4 percent to 100.11 yen. Thedollar was little changed at 79.64 yen. U.S. financial markets are shut today for the Memorial Day nationalholiday. Hedge funds and other large speculators increased wagers the eurowill decline versus the dollar to 195,361 in the period ended May22, the most on record going back to 1999, according to theWashington-based Commodity Futures Trading Commission.
Greek Opinion Polls New Democracy, which supports the plan negotiated withinternational lenders, placed first in all six opinion pollspublished on May 26 as campaigning continued for next month sgeneral election. The party led by a margin of as much as 5.7percentage points over Syriza, the main party opposed toimplementing the terms of financial aid packages, according to apoll by Kapa Research SA for To Vima newspaper. The euro has declined 4.6 percent in the past six months, thebiggest loser among the 10 developed-market currencies tracked byBloomberg Correlation-Weighted Indexes. The dollar has climbed 1.7percent, while the yen lost 0.7 percent.
Demand for the European currency was limited before data that mayshow the prolonged debt crisis is hurting the region s economicgrowth. A final reading will probably confirm that consumer confidence inthe euro area was at minus 19.3 in May, little changed from minus19.9 in the previous month, according to economist estimates in aBloomberg News survey before the figures are released May 30. Theunemployment rate climbed to 11 percent in April, the highest indata compiled by Bloomberg going back to 1990, economist forecastsin a separate poll showed before the June 1 report. Spanish Bank Recapitalization Spain plans to inject public debt instead of cash directly into theBankia Group to pay for the bank s recapitalization and avoidhaving to go to market with the instruments, El Pais reportedyesterday, without citing anyone.
Until now, to pay for bank bailouts, the state would sell debt inthe market through its bank rescue fund and use the cash to aidbanks. A jump in yields has made debt sales more difficult andexpensive, El Pais said. This type of step may generate more worry in markets, EmmaLawson, a currency strategist in Sydney at National Australia BankLtd. (NAB), wrote in a research note today.
Spain s 10-year bond yield rose to this year s high of 6.51percent on May 16 and was at 6.31 percent at the end of last week. I am an expert from Industrial Supplies, usually analyzes all kind of industries situation, such as custom poly bags , printed poly bags.
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