Date: Wednesday 09 Jun 2010
Upbeat comments from Federal Reserve Chairman about the US recovery sparked some risk appetite but momentum was short lived as markets remained jittery about the global economic recovery.
The euro rose 0.2% to $1.1973 against the greenback as ongoing sovereign debt worries kept a lid on bigger gains. The dollar index, which measures the US currency against a basket of six others, rose to 88.307 from 88.340 on Monday.
The yen rose against most currencies on demand for safer assets and inched closer to an eight year high against the euro.
Fitch’s warning comes a day after Cameron said “painful” cuts will be needed to tackle Britain’s budget deficit. He said the country’s economic problems were “even worse” than thought and the cuts needed to correct it will affect everyone’s “way of life.”
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