Forex: Tuesday’s review

Yesterday the euro fell against most major currencies, as European Central Bank President Mario Draghi said that the common currency bloc, there are risks associated with financial instability.

The yen rose against the euro for a second day after the International Monetary Fund said that the economy of the region will fall by more than predicted earlier this year.

Sterling fell against the dollar after data showed that the level of production in the UK fell more than expected.

European currency continued to fall after German Chancellor Angela Merkel met in Athens with Greek Prime Minister Antonis Samaras.

The Australian dollar rose to almost three-month low, which it reached on speculation that China, which is the largest trading partner of the country to resort to further stimulate the economy.

The Swiss currency weakened against most major currencies after the State Street Corp (STT) and Bank of New York Mellon Corp (BK) said they would charge to investors who hold their assets in Danish kroner and Swiss francs.

State Street will apply negative interest rates at 0.75% per annum with effect from 1 November for the crown, and a separate fee for the Franks. This means that the fund managers, insurance companies and pension funds have to pay the bank for the deposit of their funds in the accounts.