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Euro drops vs. most major peers as Draghi joins IMF in alert

By Joseph Ciolli and Lucy Meakin, Bloomberg

October 9, 2012 • Reprints

The euro declined vs. most of its major counterparts as European Central Bank President Mario Draghi said the common-currency bloc faces risks from financial instability.

The yen rose against the 17-nation currency for a second day after the International Monetary Fund said the region’s economy will shrink more than forecast this year. The franc sank against the euro after two of the world’s biggest custody banks said they will charge depositors to hold the Swiss currency and the Danish krone. Sterling declined versus most major peers as U.K. manufacturing fell more than forecast.

“There’s getting to be more concern about growth in Europe,” Charles St-Arnaud, a foreign-exchange strategist at Nomura Holdings Inc. in New York, said in a telephone interview. “Data we saw overnight, mainly from the U.K., was not really positive. The new forecast from the IMF doesn’t help.”

The euro dropped 0.4 percent to 101.17 yen at 9:27 a.m. New York time. It weakened 0.4 percent to $1.2916. The yen was little changed at 78.33 per dollar.

Draghi told the European Parliament in Brussels that there is no alternative to austerity as euro-area officials are pushing debt-strapped nations across southern Europe for more cuts despite the risk that they will deepen economic recessions gripping the region.

The ECB president is “making the market a little bit cautious at the moment,” said Ian Stannard, head of European foreign-exchange strategy at Morgan Stanley in London. The market will probably “see the euro correct back down a little bit further on the day,” he said.

Rand, Aussie

South Africa’s rand surged against all of its 16 most- traded peers after the nation’s Road Freight Employers Association said three unions with 15,000 workers agreed to end their strike.

The rand had depreciated yesterday versus all of its major counterparts, dropping to the weakest in almost 3 1/2 years against the dollar, as stoppages by the country’s mining and transportation industries spread.

The currency climbed 1.1 percent to 8.8003 per dollar, snapping a four-day drop. It fell to 8.9942 yesterday, the weakest level since April 27, 2009.

The Australian dollar rallied from an almost three-month low reached yesterday. The Aussie added 0.3 percent to $1.0219 after touching $1.0149 yesterday, the lowest since July 13.

Page 1 of 3
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Related Terms
US Federal Reserve 8527bank 6455Bloomberg 5254dollar 3864European Central Bank 3208mining 3077forex 2882European Union 2864Euro 2651International Monetary Fund 1712manufacturing 1315fx 1080Federal Government 965Morgan Stanley 934Ben S. Bernanke 751Mario Draghi 685Ben S 613Aussie 539UBS AG 455finance ministers 287Draghi 245Wells Fargo & Co. 172insurance 171European Parliament 121Australian dollar 117IMF 109Nomura Holdings Inc. 103Intercontinental Exchange Inc. 91Office for National Statistics 61Westpac Banking Corp. 49rand 43Bank of New York Mellon Corp. 39State Street Corp. 34Ian Stannard 23BNY Mellon 21Olivier Blanchard 14Charles St-Arnaud 12Gareth Berry 6transportation industries 5Road Freight Employers Association 1

Free Newsletter Modern Trader Follow

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