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ForexTV | January 5 2012 10:13 EST
ForexTV.com (New York) by Kiana Danial
Europe's debt crisis may be worsening. France sold 7.96 billion euros ($10.3 billion) of debt today in its first auction of the year as credit-rating companies threaten to cut the nation’s top AAA ranking. Signs of weakness in the region's banks prompted investors to sell the euro today, so the 17-nation currency fell to an 11-year low against the yen and the lowest in 15 months versus the dollar. The pound reached its highest level in 15 months against the euro. It also rose against the Swiss franc and the Danish krone.
Greek Prime Minister said his country faces “the immediate risk” of a default in March if the European Union, International Monetary Fund and European Central Bank fail to agree the nation’s next loan.
Now for a look at the middle east and crude oil, oil prices would skyrocket if Iran closed the strait of Hormuz. Iran caught everyone by surprise with launching a missile and oil is now trading near 8-week high. European Union governments are moving closer to stopping oil purchases from Iran in response to its nuclear program.
Canada’s dollar weakened for a second day versus its U.S. counterpart as crude oil fell.
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