Euro bounces above 1.23 dollars on ECB news
The euro climbed above 1.23 dollars on Wednesday following news of lower-than-expected demand for European Central Bank three-month loans, which eased concern over the troubled banking sector.
After breaking above the 1.23-dollar threshold, the euro later eased back to 1.2292 dollars, still more than a cent up from 1.2186 late in New York on Tuesday.
The pound eased to 1.4975 dollars from 1.5067. Against the Japanese currency, the dollar firmed to 88.56 yen from 88.57 yen on Tuesday.
The ECB revealed on Wednesday that demand for its three-month loans fell well short of forecasts, indicating that eurozone banks appeared to be in better shape than previously feared, according to analysts.
The ECB said it would lend commercial banks 131.933 billion euros (162 billion dollars) for three months, a record for such loans — but much less than the minimum of around 150 billion euros expected by economists.
“That European banks are not desperate enough for liquidity to pay the ECB’s penal 1.0 percent fixed rate will be seen as a positive sign for the health of the banking sector,” RBC Capital Markets strategist Adam Cole said.
The Frankfurt-based bank said 171 banks had requested the funds a day before all-time record loans of 442 billion euros for one year come due.
“Banks demanded less than expected in the ECB’s three-month refinancing operation today,” said Fortis economist Nick Kounis.
“Analysts had generally expected a much bigger number in the context of the expiry of the 442-billion-euro 12-month refinancing operation tomorrow.”
He added: “The outcome is a sign that liquidity is not a major issue for the eurozone banking sector as a whole, although stresses remain in some countries.”
Traders remained cautious after news that the US private sector added fewer jobs than expected in June than expected, boding ill for an eagerly awaited government jobs report on Friday amid recent signs recovery may be faltering.
US payrolls firm ADP said nonfarm private employment increased 13,000 from May to June. Most economists had expected 61,000 jobs to be opened up this month.
In London trading on Wednesday, the euro was at 1.2292 dollars against 1.2186 dollars on Tuesday, at 108.87 yen (107.93), 0.8208 pounds (0.8086) and 1.3239 Swiss francs (1.3179).
The dollar stood at 88.56 yen (88.57) and 1.0769 Swiss francs (1.0840).
The pound was at 1.4975 dollars (1.5067).
On the London Bullion Market, the price of gold rose to 1,244 dollars an ounce from 1,234.50 dollars an ounce on Monday.
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