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Spain is reducing its budget by 27bn euros (£22.5bn) this year in what is among the toughest austerity drives it has ever taken, reports the BBC. Changes will include cutting departmental budgets by 16.9 per cent and freezing the salaries of public sector workers. The government claims it will be able to raise 12.3bn euros over the next...

The yen fell from multi-week peaks on a number of currencies in Asia today as investors chose to book profits because demand linked to Japan’s financial year-end was fading, reports Reuters. The last week has been dominated by the Japanese currency’s repatriation and position squaring that breached several key stop-loss levels. The...

The dollar held near a one-month low on a basket of currencies today after Ben Bernanke, the chairman of the Federal Reserve, indicated that supportive monetary policy would stay and kept hopes alive of further stimulus for the economy in the US, reports Reuters. The dollar index stood at 78.925, near to an overnight low of 78.870, when...

The yen kept a hold of overnight gains in Asia on Friday having gone up across the board with investors giving risk currencies such as the Australian dollar a wide birth because of concerns about the global economy’s health, reports Reuters. Surveys on Thursday revealed that manufacturing shrank for a fifth consecutive month in China,...

The euro suffered losses in Asia on Thursday, falling from an almost five-month high against the yen as well as two-week highs on the US dollar after concerns about Spain’s finances added fresh pressure on the eurozone bonds, reports Reuters. The euro last stood at $1.3212, having dropped from its overnight high of $1.3286. The rise in...

The dollar hovered close to a one-week low point against a basket of currencies today, but recent signs that the US economy is improving and rises in the country’s Treasury yields were expected to offer the greenback some support, reports Reuters. The dollar index was at 79.449, having clawed back some ground after dropping to 79.354 on...

The yen remained on the defensive today with the euro hitting a five-month high on the Japanese currency, as the dollar nursed losses after a setback last week, reports Reuters. The euro hit a high point of 110.15 at one stage on trading platform EBS, the highest it has been since late October. Its gains later paired and was last trading...

The dollar was the highest it has been for three weeks against the euro on Monday following positive employment statistics from the USA. The figures, which suggest America may not need any further help from the Federal Reserve, came as Greece’s bond swap deals are put in place to clear the way for a new bailout. The euro slipped to...

The euro and commodity currencies saw overnight gains in Asia after Greece edged closer to securing the funds required to avoid a debt default, reports Reuters. However, further gains are likely to depend on consumer inflation data and industrial output from China, which could either undermine or support the improving risk sentiment. The...

More lenders in the private sector have agreed to a Greek debt swap deal which could determine if the Mediterranean nation can stay in the euro, reports the BBC. The banking group heading the negotiations said 39.3 per cent of bondholders have signed up to exchange their Greek government bonds for new debt. However, 75 per cent is the...