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Euro, ruble hit new lows

  • The euro hit a new one-year low this morning, falling as far as $1.3119 against the dollar, as worries of escalating violence in Ukraine kept the currency on the defensive ahead of the ECB policy meeting later this week.
  • The ruble also tumbled to a fresh low, as the dollar rose by 0.7% to 37.33 against the ruble in early trade. The plunge follows the European Commission President Jose Manuel Barroso's warning over the weekend that the situation in Ukraine was approaching "a point of no return."
  • Euro Stoxx 50 -0.2%; DAX -0.4%; FTSE 100 -0.3%; CAC 40 -0.5%.
Comments (1)
  • leopardtrader
    , contributor
    Comments (1049) | Send Message
    USD rallied from $79 to present near $83 in the last 3 months or so. Now this is a huge move in currency terms ( equivalent to about 30% move in S&P 500). Most currencies globally relative to US dollar are down including Euro or Ruble. There is nothing extra-ordinary per Ruble here. If one wanna see how Ruble is performing why not compare with similar emerging market resource based economies as Brazil, South Africa or even Korean Won, Euro, YEN and so on. Being a player in this space I see nothing with Ruble at the current levels. Rather we are even helping the Russian Central Bank do their job by talking down their currency..whence everyone wanted a devalued currency to be competitive and stimulate local purchasing power.
    1 Sep, 06:09 AM Reply Like
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