The euro has run into stiff resistance

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) November 4, 2011 --

The euro slipped slightly on Thursday after the ECB unexpectedly lowered key interest rates by a quarter percentage point to 1.25 percent, the first cut since May 2009, citing the euro zone's worsening debt crisis. President Mario Draghi said the euro zone could slip into a "mild recession" in the latter part of 2011.But some market players also said an ECB rate cut could be positive for the euro because that should boost risk asset prices.Women like you, should have a smart choice to find the herve leger 2011 you like, my friend recommend this shop to me, and I want to share with you. It is an online shop, all the dresses have a big discount, you can get the same dress at the 70% off price. My friends and I had purchased 5 herve leger red ombre dresses from this shop, it is free shipping, and delivery to door. I like judy very much, she is very helpful. Shop: www.cheapherveleger2011.com

Although a rate cut is normally bad for a currency because it reduces bond yields and thus the attraction of bond investments, given the debt woes in the euro zone, few foreign investors are buying euro zone bonds anyway, market players said.The yield on the 10-year German bonds, a favourite of investors, actually rose as safe-haven buying was unwound on Thursday.

The euro has bounced from a three-week low of $1.3608 on Tuesday, when Papandreou's sudden call for the referendum sparked fears that the country could reject the unpopular bailout plan and instead default on its debt."The worst fears about Greece have subsided for now so we are seeing a bit of a rebound but it is hard to expect the euro will rise above $1.40," said Koji Fukaya, chief currency strategist at Credit Suisse.The 55-day moving average, which came down to $1.3841 on Friday, has repeatedly capped the currency since Tuesday.
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Still, yield spreads between German bonds and bonds of other euro zone countries barely budged, with Italian and French spreads remaining near their highest levels since the launch of the euro, suggesting investors remained worried over the possibility of contagion in the debt crisis."Although everybody seems to be focusing on Greece, I do think the real problem now is whether the euro zone can stop contagion by expanding the bailout fund," said a trader at a Japanese trading firm.

Few market players see an end any time soon to the euro zone's debt and financial crisis, with Italian, Spanish and even French government bonds trading at hefty spreads over their German counterparts.Greek Prime Minister George Papandreou, facing a revolt from his own party over the plan to call a referendum, is bracing for a knife-edge confidence vote on Friday.Papandreou bowed to cabinet rebels and agreed to step down and make way for a negotiated coalition government with the conservative opposition if his Socialists back him in a confidence vote on Friday, government sources said, while the conservative opposition leader called for snap election within six weeks.

"If Greece is heading for a general election and no party looks able to win an outright majority, which appears quite likely now, then the crisis will only deepen," said Teppei Ino, currency strategist at the Bank of Tokyo-Mitsubishi UFJ.The euro slipped to $1.3798, down 0.2 percent from late U.S. levels, after having topped out at $1.3855 on Thursday, near its 55-day moving average and a 38.2 percent retracement of its steep fall from its Oct. 27 peak around $1.4250.
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