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As of the closing of the New York foreign exchange market, the US dollar index reported 80.50 points, up 0.83%; the euro/US dollar fell 1.02% to 1.2937. The euro/dollar exchange rate earlier in Italy's successful auction of a group of short-term Treasury bills promoted the next rise, and then fell to the 1.2910 position, the lowest level since September 2010.
Boris Schlossberg, head of GFT's currency research, warned that the volume of market transactions between Christmas and New Year holidays is very light, which may make any changes in direction are greatly exaggerated.
DailyFX currency analyst David Song pointed out in an earlier report on Wednesday that â€œit seems that while market participants have some tentative attempts in risk preferences, the dollar will continue to increase since earlier this month and continue to act as Safe assets are supported by the corresponding capital flow."
For the US stock index, the Dow Jones Industrial Average fell 1.14 percent, while the S&P 500 Index fell 1.25%. For most of this year, the strengthening of the US stock index also means a drop in the exchange rate of the US dollar: traders tend to purchase high-risk assets more when the stock market rises, while reducing the holding of safe assets including the US dollar.
Forex. Com research director Kathleen Brooks pointed out in a report on Wednesday that the data released earlier by the European Central Bank show that its assets and liabilities have reached a record 2.73 trillion euros, of which the amount of loans to euro zone banks in one week from The 214 billion euros soared to 879 billion euros.
The Italian government auctioned a â‚¬9 billion six-month Treasury bill on Wednesday. The average yield has been halved to 3.25% from more than 6.5% of the same auction last month. At the same time, it has obtained 1.7 times of the subscription rate. At the end of November, the 1.5 times subscription rate for the same period of auction.
Analysts of the Harriman Brown Brothers pointed out that this result shows that the Italian governmentâ€™s austerity measures and the ECBâ€™s long-term loan program last week have helped to ease the tightening of the sovereign debt markets in the euro zone countries.
Since December, the exchange rate of the euro has fallen by 3.8%, and the rate of decline since 2011 has been close to 3.4%. In May, the exchange rate of the euro against the US dollar was still at a high of US$1.49. The market is increasingly concerned about whether euro-zone member countries can effectively meet their financing needs for debt, and it is doubtful that the regional debt crisis will spread to larger economies and bond markets in the regionâ€”especially Spain and Italy.
Neil Mellor, currency strategist at the Bank of New York Mellon, pointed out that â€œeven the most optimistic views need to be acknowledged. The successful exit of the euro zone requires a very long and difficult road, and the possibility of this success is increasingly being questioned. "He thinks that in 2012," the French and German leaders of the euro area must decide whether it is necessary to save the euro. They need to decide whether they should fully commit themselves to maintaining the euro and implement it resolutely. At the same time, they bear moral hazard and the obligation of the convention. And the fall in the support rate of domestic politics, or the potentially disastrous consequences of letting the euro fall apart."
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