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USD gives up gains as Europe initiates back up plan

Written by Sam Coxhead on June 28th, 2011.      0 comments

11:10 AM (NZT) The US dollar has given up some of its gains in the offshore session as European officials start to flesh out a back up plan should the Greek Parliamentary austerity vote be unsuccessful. Talk of a bridging loan has emerged in what looks to be an attempt to reassure markets that a full scale default will not be happening in the short term.

Also encouraging a bounce back in the EURO, and other currencies, is the news that French and German officials seem to have an agreement with banks and insurance companies to roll bonds, with maturity out to 2014, into a new 30 year bond that may have a gurantee from the European Financial Stability Fund. This could be termed some kind of voluntary default, but in principle paves the way for a more workable Greek debt structure.

It is not apprent at this stage whether or not, bond insurance would be spraked under this premise.

    Last 24 hours trade
  Current level Low High
NZD/USD 0.805 0.8009 0.8068
AUD/USD 1.0463 1.0391 1.0472
NZD/AUD 0.7694 0.7679 0.7727
AUD/NZD 1.2997 1.2941 1.3022
NZD/GBP 0.5035 0.5015 0.5048
NZD/EUR 0.5625 0.5625 0.5693
NZD/YEN 65.07 64.57 65.25
NZD/CAD 0.7932 0.7920 0.7963