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Monday December 6, 2010 - 22:14:56 GMT
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FOREX NEWS-Euro falls as euro zone countries seen split

4:43pm EST
 * Euro snaps three-day rally vs dollar on euro zone woes
 * FX Concept's Taylor sees euro at parity vs dollar
 * Peripheral bond yields rise as euro group seen split
(Updates prices, adds quotes, details)
 By Wanfeng Zhou
 NEW YORK, Dec 6 (Reuters) - The euro fell on Monday and
more losses are likely after Germany rebuffed calls for a
bigger euro zone financial safety net, raising fears of
division over how to stem the region's debt crisis.
 The euro had earlier fallen more than 1 percent to near
$1.3250 as traders took profits on its recent three-day climb.
In the near term, the euro could head back toward its 2-1/2
month low around $1.2970 set last week, traders said.
 Yields on Italian, Spanish and Greek bonds and the cost of
protecting them against default rose after Germany rejected a
call by the International Monetary Fund to increase the size of
a 750 billion euro safety net. Germany also dismissed a call
for joint euro bonds guaranteed by all governments. For
details, see [ID:nLDE6B51WU]
 "What Europe has done is not enough. They have to have
eurobonds," John Taylor, chairman and chief investment officer
of FX Concepts, told Reuters 2011 Investment Outlook Summit.
Taylor runs the world's largest currency hedge fund with assets
under management of around $8.5 billion.
 "You can't lend money to Ireland or Greece. You're just
piling on more debt to them, and it's getting harder and harder
to repay."
 He said Portugal could be the next country to seek a
bailout after Ireland, with Spain after that. This will push
the euro to parity versus the dollar by next year, he said.
  For other news from the Reuters Global Investment Summit,
click here
 The euro EUR=EBS was last down 0.9 percent at $1.3301,
coming off a session low of $1.3246 on trading platform EBS. It
also fell 0.8 percent to 109.94 yen EURJPY=.
 Market talk that fueled the euro's rally late last week was
confirmed on Monday when the ECB said it had bought 1.965
billion euros worth of bonds in the week to Dec. 3 compared
with 1.348 billion the previous week. That was the biggest
weekly total since the end of June and takes the program's
overall tally to 69 billion euros. [ID:nFLA6NE6FS]
 In the options market, risk reversals showed bearish
sentiment on the euro increased again after falling last week,
suggesting a recovery in the spot euro above $1.34 may have run
its course. The 25-delta 1-month risk reversal EUR1MRR=ICAP
rose above 2.0 on Monday after hitting around 1.85 on Friday.
 Ireland, which last week became the second country after
Greece to require an EU/IMF financial rescue, looks set to pass
the toughest budget in the country's history on Tuesday.
 With the euro resuming its decline, the dollar index
.DXY, which tracks the greenback versus a basket of six
currencies, was up 0.3 percent at 79.583, close to its 100-day
moving average of 80.04.
 Federal Chairman Ben Bernanke said on CBS-TV's "60 minutes"
Sunday evening that it is possible U.S. monetary policy-makers
could increase the $600 billion in asset purchases announced at
the last Fed meeting. [ID:nN05271909]
 Analysts and traders said Bernanke's comments on QE were
not too bearish, given Friday's sharply below-forecast jobs
growth for November. [ID:nN02238002]
 Andrew Wilkinson, senior market analyst at Interactive
Brokers in Greenwich, Connecticut, said Bernanke's comments
assuaged fears over inflation and helped buoy the dollar.
 "Bernanke made clear that he has no interest in letting
inflation budge beyond 2 percent and that soothed fears," he
 FX Concepts' Taylor said the United States is headed for a
new recession, and that should boost the U.S. dollar while
weighing on commodity prices.
 The dollar was flat at 82.63 yen JPY=, climbing off
Friday's three-week low of 82.52 yen and keeping well above the
Ichimoku 'cloud' bottom around 81.70 yen.
 Goldman Sachs Asset Management Chairman Jim O'Neill said a
retreat of the supercharged Japanese yen may well be the
currency story of next year.
 "The one currency that could be developing a new trend
could be the yen. We could see the end of its's
more than two standard deviations overvalued."
(Reporting by Wanfeng Zhou; Additional reporting by Gertrude
Chavez-Dreyfuss and Julie Haviv; Editing by Kenneth Barry)

© Thomson Reuters 2010. All rights reserved.




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