Stagnation is the best word to describe the international currency markets Thursday. Investors enjoy themselves in their shelter from the news from both debt crisis as well as the macroeconomic front. But it is only a matter of time, according to analysts.
The sweet sound of free and unlimited central bank meadows seems to lose its soporific effect as the market participants’ wake up from their Sleeping Beauty-sleep to the noise in the streets from protesters in Greece and Spain. That said, the truth seems to come even closer to when the markets will need more than just free money to keep the still prevailing trend intact.
But despite the protests, irritable EU finance ministers and a Spanish budget, which will provoke the already beleaguered Spanish citizens, everything breathes peace between the major world currencies - dollar, euro and yen.
Euro Thursday afternoon cost $ 1.2865 from $ 1.2860 a day earlier, U.S. dollar stands at 77.65 yen against 77.70 yen and euro 99.90 yen against 99.95 yen on Wednesday.
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