Economy

Ghost Dog

(16,881 posts)

29. Dollar Claws Back Early Losses Versus Euro; ECB Springs To Action

Wed Dec 21, 2011, 09:11 AM

Dec 2011

WASHINGTON (dpa-AFX) - The dollar battled back from overnight losses versus the euro Wednesday morning, after the European Central Bank offered a massive loan to 523 euro-area banks in a massive funding operation.

The ECB alloted EUR 489.191 billion in three-year loans to banks in its long term refinancing operation. The figure exceeded economists' expectations for allotment up to EUR 300 billion.

Traders reacted to a flood of economic news from Europe and Asia, ahead of this morning's existing home sales report from the U.S.

The dollar dropped as far as $1.3198 versus the euro, before clawing back to $1.3075 by 7 am ET. A week ago the dollar hit an 11-month high of $1.2944.

The Italian economy contracted in the third quarter mainly led by a fall in domestic demand and investment, and likely entered a recession triggered by the Eurozone's deepening debt crisis, the latest official figures revealed Wednesday.

/... http://www.finanznachrichten.de/nachrichten-2011-12/22270099-dollar-claws-back-early-losses-versus-euro-ecb-springs-to-action-020.htm

The major European markets are also pared some of their initial gains, with the French CAC 40 Index is now trading just above its flat line and the German DAX Index is adding 0.73 percent, while the U.K.'s FTSE 100 Index is moving up 0.53 percent.

Risk-appetite resurfaced earlier as Italian and Spanish bond yields fell yesterday, Chinese Premier Wen Jiabao pledged support for exports and encouraging news out of Europe and the U.S. eased concerns over global growth outlook.

/... http://www.finanznachrichten.de/nachrichten-2011-12/22269900-euro-trims-gains-despite-upbeat-ecb-tender-results-020.htm

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STOCK MARKET WATCH, Wednesday, December 21, 2011. [View all] Hugin Dec 2011 OP

THERE You Are! Demeter Dec 2011 #1

I'm having a heck of a time with the toons. Hugin Dec 2011 #6

This toon shows for me today! DemReadingDU Dec 2011 #19

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And It Works FAST Demeter Dec 2011 #23

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they often confuse aquariums with septic tanks. n/t Po_d Mainiac Dec 2011 #54

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Dollar Claws Back Early Losses Versus Euro; ECB Springs To Action Ghost Dog Dec 2011 #29

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to harvey! xchrom Dec 2011 #52

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