Euros Gets a Sovereign Lift and the British Need to Shop, Already
Troubles in Portugal and Spain aren't keeping the euro down, but anemic retail sales are doing a number on the British pound — it's time for your FX Fix.
The euro sagged after Portugal's prime minister resigned and Moody's downgraded a bunch of Spanish banks, but that was just a buying opportunity for some sovereign investors. [Reuters]
Apparently that wasn't a one-time deal. A veteran FX expert told CNBC that Middle Eastern and Asian sovereigns have been regularly buying the euro on dips.[CNBC]
The yen is beginning to stabilize, with volatility measures finally settling down almost two weeks after Japan's crisis began. [forexyard.com]
Not so much the British pound, which is weaker after a report of anemic retail sales. [dailyfx.com]
The Australian and New Zealand dollars are riding commodity prices higher after weakness from Japan's crisis. [markets247]
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