Hong Kong (PRWEB) October 23, 2011
According to Forexnews.com The Premier of Germany, Angela Merkel, and the President of France, Nikolas Sarkozy, met over the weekend to discuss possible solutions to address Europe’s ongoing banking and debt crises.
The promises of creating a detailed and comprehensive plan towards the end of October, which will be primarily directed towards improving the current situation, resulted in riskier currencies going higher due to more short term relief offered to recently battered equity markets. Now a Forex ECN, InvestTechFX reports that this meeting may have turned the tide and helped to lift other risk assets and the Euro versus the dollar on Monday.
Online Forex reports showed that the Euro climbed 1.2 percent to Y103.92 versus the yen and was up 1.4 percent to $1.3566 against the dollar. The Euro gained 0.9 percent to £0.8670 against the pound. Some of the better performing currencies were the New Zealand dollar up 1.2 percent to $0.7773 against the US dollar, and the Australian dollar, up 1.4 percent to $0.9913. The Polish currency zloty was up 1.2 percent to 4.322 zlotys against the euro, and other regional currencies like the Hungarian Forints also did well reaching Ft292.90 versus the euro, a 1.3 percent increase.
However, the top online Forex operators at InvestTechFX, with over two decades of experience in the Forex trading markets, and many analysts were cautious about the rise in risk appetite and the sudden market optimism, as they believe it will be short-lived. Political developments also seem to have contributed to the sudden improvement in the situation. Donald Tusk’s second-consecutive term as the Prime Minister of Poland since the fall of Communism in 1989 resulted in a 2.7 percent jump of the Polish zloty to 3.184 Zloty against the US currency.
Poland’s stock market was up 1.2 percent in morning trade due to the recent guarantee of political and economic stability. The emerging market currencies like the South African rand, the Malaysian ringgit, and the Turkish lira were up by more than 1 percent against the dollar due to a better-than-expected rise in the creation of jobs by the U.S. last Friday.
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