"Economists are pessimists: they've predicted 8 of the last 3 depressions."
--Barry Asmus

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Tuesday, November 16, 2010

Euro turns down on concerns about bailout

NEW YORK (MarketWatch) -- The dollar turned higher against the euro in mid-morning trading on Tuesday amid rising worries that Ireland doesn't want to accept a bailout from its neighbors, and that some euro-zone members are also reticent to give financial aid. Also, stocks are falling, in part because of worries about china, weighing on investors interest in riskier assets. "Foreign exchange traders are focused on the developments in Ireland, news that Austria is withholding the next tranche of bailout of funds to Greece and the prospect of monetary tightening in China," said Kathy Lien, director of currency research at GFT. "Risk aversion flows should benefit the dollar." The dollar index , which measures the greenback against a basket of six major currencies, added to gains, reaching 78.965, compared to 78.652 late Monday. The euro turned down to $1.3550, from around $1.3580 in North American trade late Monday. Earlier, it rose to $1.3655.
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