Home News Euro exchange rate on rapid ascent and descent

Euro exchange rate on rapid ascent and descent

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at Reuters FRANKFURT. A rapid decline in the single currency slid for the first time since early 2006 under the brand of $ 1.22 to a low of 1.2 times $ 146. In late afternoon trading, the euro recovered strongly and jumped at times over $ 1.23. Last one cost € 1.2 $ 277. The European Central Bank (ECB) had earlier fixed the reference rate to 1.2 270 (Thursday: 1.2 428) dollars. The dollar cost to 0.8 150 (0.8 046) €.

The prohibition of uncovered short sales surprise "is the increased uncertainty in the markets," commented the expert Ralf Currency in circulation by Landesbank Hessen-Thüringen (Helaba) the decision of the German financial supervision. The Federal Financial Supervisory Authority (BaFin) had bets on Tuesday night unexpectedly specific, highly speculative investors prohibited on falling prices. When it comes to unsecured short-selling transactions in which merchants offer securities for sale, they do not have – with the intention to later buy at a lower price and thus make a profit. Economists questioned the meaning of the ban, saying in part, even of a "desperate act of the Federal Government."

The German alone in banning short sales will show little effect, also criticized circulation. As long as in major financial centers such as London can run the business without being disturbed, show the prohibition in Germany, "more than a symbolic effect." The recovery of the euro, said in the afternoon round with assistance from the Swiss National Bank in the foreign exchange markets. Moreover, after having used the rapid decline of the last trading a "technical backlash.

At other major currencies, the ECB put down the Reference Prices for a € 0.85 805 (0.85 895) British pound, 112.49 (115.32) Japanese yen and 1.4 043 (1.4 028) Swiss francs . The price of an ounce of gold was fixed in London this afternoon with a 195.00 (1 216.75) dollars. The kilo gold bars cost 32 238.60 (31 788.15) €.