Euro On Defensive After ECB Bond Buying Report, Yen Soft
Published 2014-10-22 08:28:44| Amwal Al Ghad English
The euro flirted with one-week lows on Wednesday following a Reuters report that the European Central Bank is considering buying corporate bonds, while a recovery in risk appetite underpinned the dollar against the yen. The euro EUR= briefly fell to $1.2706 its lowest level since Thursday and last stood at $1.2723, little changed from late U.S. levels but still lethargic after 0.7 percent fall on Tuesday. Several sources told Reuters the ECB is considering buying corporate bonds on the secondary market and may make a final decision as soon as December with a view to begin buying the bonds early next year. The move, if realized, would expand the private-sector asset-buying program the ECB began on Monday, which is aimed at fostering lending to businesses in the hope of spurring growth. "It seems like quantitative easing by the ECB is within sight," said a trader at a Japanese bank.
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Get To Know
Born in 1954 in the coastal city of Balteem in the Delta governorate of Kafr El-Sheikh to a working-class family, Hamdeen Sabahi was the youngest of 11 children.He studied mass communication at Cairo University. A politically-active student, he was elected head of the Cairo University Student Union in 1975 and served as deputy chair of the General Federation of Students from 1975 to 1977. He established the political Nasserist Thought Club to mobilise on Cairo University’s campus in defence of the principles of Gamal Abdel-Nasser's 1952 revolution in a context of later rapprochement efforts with the West by then-president Anwar El-Sadat. As well as being a political activist, Sabahi worked as a journalist. In 1977, following the January popular uprising against Sadat over skyrocketing food prices, Sabahi publicly confronted the president in a televised meeting in which he spoke on behalf of the Cairo University Student Union. As a result, Sabahi was prohibited from working as a journalist in the state media sector for several years. Sabahi’s membership in the Arab Democratic Nasserist Party was suspended in 1994 due to internal conflicts between the party's young cadres – including Sabahi – and the party's old guard of personalities who had been close to late president Nasser.
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