Euro is Airborne, But Yen is Slipping Again
The euro is hitting new highs, a group of developing countries are tired of the dollar, and the yen is having another bad day — it's time for your FX Fix.
Brazil, Russia, India, China and South Africa - the BRICS - are planning to replace dollar credits between themselves with local currencies. [indiavision.com]
Asian currencies have been trading off on concerns about the impact of Japan's crisis. [business.inquirer.net]
Speaking of Japan, the yen has resumed its slide as traders weigh the impact of the earthquake on the economy. [Reuters]
The euro rose to a 15-month high against the dollarafter a Governing Council member hinted that more interest rate hikes are possible. [Reuters]
China promised to keep buying Spanish bonds and investing in Spanish banks. Can they prevent contagion from Portugal and bolster the euro? [WSJ]
Tune In: CNBC's "Money in Motion Currency Trading" airs on Fridays at 5:30pm.
"Money in Motion Currency Trading" repeats on Saturdays at 7pm.