The euro/U.S. dollar currency cross climbed to as high as 1.3180 earlier this morning, after the release of a Reuters story that the Jornal de Negocios daily reported China is looking to purchase between 4 and 5 billion euros of Portuguese sovereign debt.
Though it did not provide the source of this information, the Jornal de Negocios stated that China is considering this plan of action as a way to aid Portugal as it struggles to raise the necessary capital to meet its mounting deficit issues.
While the euro initially surged higher on the news, it has since relinquished its entire gain and its trading at an intra-day low of 1.3083 against the U.S. dollar. The inability of the currency to maintain its gains is a further sign that financial markets remain unconvinced that Portugal is effectively getting its financial house in order.
Short URL: http://www.goldalert.com/?p=8575
This entry passed through the Full-Text RSS service — if this is your content and you're reading it on someone else's site, please read our FAQ page at fivefilters.org/content-only/faq.php
Five Filters featured site: So, Why is Wikileaks a Good Thing Again?.
No comments:
Post a Comment