Day: October 2, 2008

October 2
2008

Rating Downgrades Drop Icelandic Krona

The Icelandic krona declined to the lowest level in almost seven years against the U.S. dollar yesterday after the rating downgrades by S&P and Fitch rating agencies raised the risk-averting mood among the investors. The drop in this national currency reached more than 17 percent this week after the central bank pledged to nationalize the century-old Glitnir Bank as it failed to pay by its short-term […]

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October 2
2008

EUR/USD Below 1.3800 on Positive Bail-Out Expectations and Neutral ECB Decision

EUR/USD broke down below the 1.3800 support level today as the dollar was fundamentally more attractive than the euro. Traders expect that the $700 billion bail-out plan will be adopted in the House of Representatives soon after passing Senate yesterday. Meanwhile, European Central Bank left the interest rate unchanged at 4.25%, which spurred talks that the rate may be lowered at the next governing […]

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