Euro US Dollar (EUR USD) Slides Ahead of Jackson Hole

In oil markets, Brent crude prices were down 0.8% on Monday morning at around 52.40 USA dollars per barrel amid reports of rising U.S. production, worsening fears over a growing global oil glut.

After recovering from an early move to the downside, stocks showed a lack of direction over the course of the trading session on Monday.

"The (ruling) National government's challenge in this election is to remind its non-core voters how important financial stability and economic success is to the country, and the benefits that accrue over time to a country that gets those things right", said Sean Keane of Triple T Consulting, who works under the umbrella of Credit Suisse.

Having spiked so far and so fast and having been supported by what seemed like at least one piece of positive European Central Bank speak each week, the moment there stopped being upbeat commentary to interpret and dovish language to disregard the euro was going to run into headwinds. The loonie was little changed after the data, with dollar/loonie trading around 1.2580, not far from Friday's 2-week low, despite the weak data and lower oil prices.

The Aussie was also helped by a decline in USA bond yields, something that acted to undermine the U.S. dollar during the session.

"These results suggest that if external conditions remain relatively benign, the current emerging currency appreciation cycle has more room to run", Deutsche's Gautam Kalani added.

The Bloomberg Dollar Spot Index rose by 0.3 per cent as of 10:22am London, following a drop of 0.6 per cent since Friday.

A positive European open follows a positive lead from the major Wall Street and Asian index's, despite relatively low volumes, complemented by the U.S. dollar recovering from 1-week lows overnight ahead of the beginning of the Jackson Hole summit later this week.

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The money was transferred to the Bank of Baroda and Indian Bank, where the government, too, had accounts. On Thursday, Lalu Prasad and his son and Leader of Opposition Tejashwi Yadav demanded the CBI probe.


On Monday, the euro was steady on the day against its major counterparts at $1.1757 and 128.41 yen.

On currency markets, Turkey's lira and South Africa's rand fell sharply, not only against a broadly stronger euro but also the dollar.

The broader Topix index inched up 0.1 percent to 1,596.12, led by gains by metal stocks such as Sumitomo Metal Mining, Dowa Holdings and Toho Titanium as industrial metals extended their longest weekly rally in three years.

At 3.30pm the dollar had gained 0.45% against a basket of hard currencies.

Jackson Hole is one of the most prestigious conferences on the global central-banking calendar and has been used in the past as a forum to foreshadow policy actions.

United States equity markets kicked off the week on a positive note, ending a two-day fall which sent the S&P 500 to its lowest levels since July 11 - total declines of 2.6% from the 2,490.9 peak were recorded on August 8.

USA stocks were on the edge of a fifth straight day of losses as tensions simmered between the United States and North Korea.

This week's key event continues to be the Jackson Hole Economic Policy Symposium. At the start of July, both German bond yields and the euro were moving higher.

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