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    Eurozone Debt Crisis In May 27Th Prompted The Euro To Decline Against The US Dollar For Three Consecutive Days.

    2010/5/27 14:18:00 47

    Euro

    In May 27th, according to foreign media reports yesterday, the euro exchange rate fell against the US dollar for third consecutive trading days on Wednesday, as the market feared that the sovereign debt crisis in the euro area would lead to slower growth in the region than in other developed countries.



    On the same day, the euro expanded the previous decline in the late trading of New York dollar against the US dollar, because the Chinese government may consider reducing investment in the European government bond market, prompting investors to worry that the credit crisis in the region will deteriorate.

    The yen's exchange rate rose against most of its main counterparties, because the US stock market had smoothed up the previous gains, prompting investors to speculate that investments in high-yield assets purchased with yen will not be hurt.



    Up to 16:30 pm Eastern time (4:30 4:30 Beijing time), the euro fell by 1.4% against the US dollar in the New York market, falling from $1.2345 per euro to $1.2173 per euro, after hitting a 4 year low of 1.2144 US dollars per euro in May 19th.

    The euro exchange rate fell from 111.39 yen per euro to 109.53 yen per euro yesterday. Yesterday, it fell to 108.84 yen per euro, the lowest level since November 2001.

    The US dollar to yen exchange rate fell from 90.23 yen per dollar yesterday to 89.99 yen per dollar.



    Another reason for the widening decline in the euro exchange rate is that Spain's Banco Bilbao Vizcaya Argentaria SA, the second largest market maker in the market, has been unable to refinance about $1 billion in short-term financing.

    A spokesman for Spain's external bank declined to comment on the news.



    In other currencies, the New Zealand dollar fell to 1.3% against the yen, to 59.67 yen per NPY, and the Australian dollar to the yen fell 1% to 73.97 yen per Australian dollar, because the New Zealand and Australian stock markets had smoothed up the previous gains, thereby reducing the market demand for assets related to economic growth.



    In the US stock market, the S & P 500 index closed down 0.6% to 1067.95 points, after a 1.6% rise.

    On the futures market, the New York Mercantile Exchange (NYMEX) light crude oil futures closed up 2.9%, or the highest level since the 4 trading day.



    "If you hold a large amount of euros, you probably need to be worried because the value of the euro held by the Chinese government is about 600 billion US dollars," said Win Thin, senior foreign currency strategist at Brown Brothers Harriman & Co, New York Investment Companies Brown Harriman.

    The government of Spain and Italy is cutting the budget deficit in the face of economic recession, and tightening fiscal at this time is a dangerous thing.

    I fear that this will lead to deflation spiral. "


     

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