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The Euro Catches Its Breath

After a strong resurgence of sovereign concerns that culminated yesterday, the European single currency took the opportunity to catch his breath against all its competitors. So to 24:35, the euro gained 1.20% against the yen at 111.6, 1.04% against the Swiss franc at 1.1711, 0.77% against the dollar at 1.4081 and 0.69 % against the pound at 0.8829.

Note that despite all his gold records now familiar terms of all time in dollars on the spot market (ie 1577 dollars per ounce from 31.10 grams) and marked a new record for the euro in London in 1114 euros. No respite, so the gold side.

Last night, the rating agency Moody’s downgraded the debt of Ireland, with a negative outlook. The announcement had led to a resurgence of sales on Wall Street late in the session, but does not affect the European markets too, which now seem to get used to this kind of bad news.

However, the reassuring statements from European officials, including those of Italy, and? Interventions of the ECB on the bond market? Changes according to analysts at Pictet & Cie have reduced panic.

“Markets remain very nervous with the ongoing problem of debt in the euro area ‘, says Cameron Peacock, at IG Markets, noting however that’ fears of contagion and a future collapse of Italy subsided late in the session yesterday. “