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Euro surges after ECB, Dollar hammered.

News Date: 3/12/2015 10:04:01

Euro took massive relief after ECB cut the deposit rate to -0.30%, from -0.20%, which was much less aggressive than expected. Euro's index surged to a month-high at 87.61 before steadying to 87.10, with a 1.57% profit. Euro jumped to as high as 1.0891 against the dollar, before trading at 1.0801 with a 1.78% gain. It rose to a five-week high against sterling at 0.7237, before tapering off to 0.7189 with a 1.23% profit. Euro hammered the yen into submission, reaping about 2.0% profit on the back of it.


Sterling was positive as well, aside from its losses against the euro, after services PMI for Britain rose to a four-month high at 55.9 for November, comfortably surpassing forecasts of 55.0. Sterling rose 0.57% against the dollar to 1.5034. It gained 0.65% against the yen to 185.45.


Dollar was left dethroned, with its index, which measures the greenback's performance against a basket of its major peers, at its lowest in a month at 98.78, with 1.27% loss for the day, after touching a 12-year high yesterday at 100.51.


European shares were disappointed with ECB's measures; with the pan-European index FTSEurofirst 300 diving to a ten-day low at 1,482, with a heavy 2.14% loss. Germany's DAX fell to a two-week low, and last trading at 10,896 with 2.62% loss. Britain's FTSE lost 80 points, or 1.30% to 6,338. France's CAC 40 plunged to a 6-week low, and last trading at 4,780, with a hefty 2.77% loss.


Wall Street opened generally lower, with Dow Jones giving up 20 points, or 0.12% to 17,708. S&P 500 slipped 1.6 points, or 0.08% to 2,077.90. NASDAQ gained 3 points, however, or 0.05% to 5,125.


Oil prices benefited from the falling dollar, with Brent futures gaining 70 cents, or 1.70% to $43.23 a barrel. U.S. crude futures rose 40 cents, or 1.0% to $40.33 a barrel.    


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