{"id":32879,"date":"2012-10-10T05:11:56","date_gmt":"2012-10-10T09:11:56","guid":{"rendered":"http:\/\/countingpips.com\/forex-news\/2012\/10\/euro-drops-against-majors-prior-to-industrial-production-data\/"},"modified":"2012-10-10T05:11:56","modified_gmt":"2012-10-10T09:11:56","slug":"euro-drops-against-majors-prior-to-industrial-production-data","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex-news\/2012\/10\/10\/euro-drops-against-majors-prior-to-industrial-production-data\/","title":{"rendered":"Euro Drops against Majors Prior to Industrial Production Data"},"content":{"rendered":"

By TraderVox.com
\n<\/p>\n

\n\t\"\"Tradervox.com (Dublin) – The 17-nation currency fell for the third day against major peers as speculation of poor industrial output data increased fears that euro zone debt crisis is weighing on the region’s economy. The euro dropped to the lowest against the yen in a week prior to reports from France and Italy expected to show industrial production declined in August. The Japanese currency has gained against most majors as risk appetite diminished pushing safe haven currencies high. Euro’s decline was limited as Spanish Prime Minister Mariano Rajoy prepares to meet with Francois Hollande, the French President. Investors are waiting to see where Spain will ask for bailout.<\/p>\n

\n\tAccording to Marito Ueda, who is the Senior Managing Director at FX Prime Corp in Tokyo, the 17-nation currency has lost its attractiveness in the market as there are concerns about the economic situation in the region. This has boosted the attractiveness of safe haven currencies like USD and yen. Ueda went ahead to forecast that the euro may fall to below $1.20 by the end of the first quarter next year. The currency dropped as Asian stocks declined, with MSCI Asia Pacific Index declining for the third day, sliding by 0.8 percent. The S&P 500 Index dropped by one percent. In addition, implied volatility among Group-Seven-Currencies used by the JPMorgan Chase & Co rose to 7.7 percent from 7.5 percent reached on October 5, which is the lowest it has been in five years.<\/p>\n

\n\tThe euro dropped by 0.2 percent against the dollar to trade at $1.2859 during mid day trading in Tokyo from its New York close of $1.2835 the lowest it has been since October 1. The single currency declined against the yen to trade at 100.44 before advancing to 100.64, which is 0.2 percent lower than its close yesterday in New York. The declines came as Industrial production data from France is expected to show a decline in industrial output of 0.3 percent in August after increasing by 0.2 percent in July. The Italian industrial output is expected to drop by 0.5 percent in the same month.<\/p>\n

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By TraderVox.com Tradervox.com (Dublin) – The 17-nation currency fell for the third day against major peers as speculation of poor industrial output data increased fears that euro zone debt crisis is weighing on the region’s economy. The euro dropped to the lowest against the yen in a week prior to reports from France and Italy … <\/p>\n

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