Euro may hit parity with US dollar

29 November, 2016

The Euro was under further pressure today against the US dollar on the back of political instability in Italy and, bringing it closer to parity with its American counterpart.

At 7.07 pm (GMT) the European currency was trading at US1.0596c after reaching a high of US1.0685 earlier in the trading session.

A referendum called by Italian president Mario Renzi on December 4th threatens to bring down the Italian government if he loses, which may pave the way for the Five Star Movement political party who have promised if elected, to hold another referendum on whether Italy should remain in the EU.

Some are predicting the instability may see the Euro equal with its US counterpart in the not to distant future.

Jim Mellon, the chairman of the Burnbrae Group, who was one of the few people to predict Brexit thinks Italy is just the beginning of Europe’s problems and the whole Eurozone is on the Brink of falling apart,

Brexit is going to be a sideshow to the problems of Europe that are becoming more and more evident,” Mellon said

“The euro as it stands at the moment is just a very inappropriate mechanism,I give the euro between one and five years of life,” he added.


Source link  
Higher inflation may benefit gold

Higher inflation in the US usually translates to rising interest rates which is usually negative for gold, as higher rates mean bigger yields which tends to leave...

Pound to fall as rates stay on hold

With all the uncertainty surrounding the UK at the moment such as political instability as well as the current Brexit negotiations that seem...

Oil at more than $150?

With the introduction of sanctions against Iran as well as a reduction in the development in new oil infrastructure, the chances for the highest oil prices in a decade is growing by the day...


Euro to remain subdued

After 3 straight days of gains the Euro has hit a wall against its US counterpart and according to one analyst the currency may remain subdued for some time...

Euro may be about to crash

The Euro has stabilized in today's trading session after suffering a big drop on Friday and the losses may continue to come as political instability grips the EU...

Gold in for a big week

It's going to be a big week for gold starting with tomorrow's meeting between US president Donald Trump and North Korean President Kim Jong Un which is followed by Wednesday's interest rate decision...


Gold may breakout this week

Over the last few weeks, the gold price has formed a solid base around the $1,290 mark and has pushed up through $1,300 several times before hitting resistance...

Gold to benefit if Trump acts

Gold is now trading higher for a 2nd straight day following on from Yesterday's interest rate decision from the Federal Reserve and some say the...

Dollar to continue its recent strength

It seems as if the market has finally woken up to the potential of the US dollar after the recent gains it racked up against most major currencies over...

  


Share: