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Danielle Gardner Garrett McCulloch donna zviely

European Euro Project 2. Danielle Gardner Garrett McCulloch donna zviely. USD/EUR Exchange 6/1/2009 – 6/12/2009. USD/EUR Volatility. News. 6/1: GM files Chapter 11, resulting in majority government ownership.

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Danielle Gardner Garrett McCulloch donna zviely

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  1. European Euro Project 2 Danielle GardnerGarrett McCulloch donna zviely

  2. USD/EUR Exchange6/1/2009 – 6/12/2009

  3. USD/EUR Volatility

  4. News • 6/1: GM files Chapter 11, resulting in majority government ownership. • Growing US debt and poor economic conditions continue to increase speculation on USD. USD uncertainty leads to EUR appreciation. • 6/2: European Union statistics office in Luxembourg reports highest unemployment rates since 1999. • EU Lowered interest rates, in hopes of putting downward pressure on currency. EU is Unsuccessful, and EUR depreciates against the USD due to shot term concerns. • 6/4: Finland’s Finance Minister said EU countries need bank stress tests to regain financial market trust • “ECB’s asset purchases are boosting the market,” Katainen said. Still, “the ECB must be quite careful as they are in charge of the credibility of the single currency”. • 6/7- 6/8 4 days of voting for the European Parliament end, and political turmoil subsides. • More trust in currency, exchange Eurodollar exchange rates rise against the USD. • 6/9- US Government approved 10 banks to buy back shares for $68 billion, & later approved $28 billion of T-bill and Bond issuance. • USD responds favorably to the announcement of reduction in US debt, but the market is quick to respond to yet another federal debt issuance. • 6/12- Italy plans to sell 8.75 billion Euros ($12.3 billion) of debt and stock; G8 meeting concludes in Italy. • Downward pressure on Euro with greater supply in market; Continued speculation. References: www.wsj.com http://www.bloomberg.com/apps/news?pid=20601110&sid=agI7pjSBOfOE

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