Europe can have euro bonds soon

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The Euro has seen an increase against the Dollar. The single currency rose from its 22 month low against the greenback after Italian Prime Minister Mario Monti hinted that Greece will not leave the Eurozone. The 17-nation currency appreciated for the first time in four days against the yen amid speculation that its recent decline came too fast.

“Europe can have euro bonds soon,” Monti said in an interview on an Italian television station yesterday. ‘Germany has an interest in ensuring no country leaves the euro, while Greece will probably remain in the 17-nation currency region even as “anything can happen,” he said in the interview.

The euro was still headed for a more than 5 percent drop against the dollar and yen this month as a Greek opinion poll showed that the Syriza party an anti-bailout group was on course to win the upcoming elections.

“If the euro didn’t have enough to contend with as Greek exit speculation persists, the economic data points to a clear worsening in economic conditions,” said Derek Halpenny, European Head of global markets research at Bank of Tokyo Mitsubishi.

“The ECB will soon have to act again to ease its monetary stance by probably cutting the refinancing rate and this can only reinforce euro downside pressures.”

With the euro on the back foot, the dollar has been the big winner with its index against a basket of major currencies edging up to 82.411; it’s highest since September 2010.

Against the yen, the greenback was 0.1 percent higher at 79.65 yen, supported by Tokyo importers and short-covering ahead of the long weekend in the United States. Sell offers around 80.00 yen are poised to cap any further gains, traders say.

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