Global foreign exchange market

  • Business Premium
  • Saturday, 11 Feb 2012

MARKETS focus turned back to the situation in Greece and several major central bank decisions including European Central Bank, Bank of England (BoE) and Royal Bank of Australia (RBA). Global market sentiments were weighed down by worries that Greece might not be able to secure the 130 billion euros bailout package from European Union/International Monetary Fund and would face disorderly default in March.

The euro was soft in general on Greece uncertainties but was lifted after Greece's political leaders finally agreed on a package of austerity measures to propose to its creditors in order to avoid defaulting on its debt next month. The euro made a fresh two month high at 1.3322, supported by the positive developments in Greece.

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