The Euro extended its rally against the Yen as E.U. leaders turned up the pressure on Greece to implement stricter budget cuts in order to obtain the next bailout installment. The shared currency erased gains versus the U.S. Dollar after the German Finance Minister, Wolfgang Schaeuble, suggested that Greece may be wrong in assuming that it will receive the next bailout payment on time. But the Euro recouped versus the majority of its peers as foreign currency investors await news about Portugal?s new budget for 2013. Portuguese lawmakers are expected to vote on the budget proposals today.
In other Forex trading news, the British Pound advanced for the second consecutive day versus the U.S. Dollar on speculation the Bank of England will not increase stimulus when policymakers meet in the days to come. The Sterling also strengthened against the majority of its trading counterparts after the Swiss National Bank indicated that it has increased the number of Pounds within its foreign exchange reserves from 3% to 7% in the third quarter. The central bank lowered its Euro holdings from 60% to 48%.
The Canadian Dollar traded at close to a 12-week low against its U.S. peer on reports which revealed that the country?s gross domestic product unexpectedly contracted for the first time in six months. The Loonie reached below parity with the greenback as Statistics Canada confirmed that output declined 0.1% to an annualized $1.29 trillion in August.
Source: http://traderbase.iforex.com/e-u-leaders-ramp-up-pressure-on-greece/2397
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