The Euro suffered losses against almost all of its rivals as optimism surrounding the Greek debt deal begun to settle.
The Bundesbank reported that profits fell by over 50% in 2011 (from €2,2 billion in 2010 to €643 million). The German central bank has raised its risk provisions by €4.1 billion. The report signals a growing concern within the 17-nation bloc that central banks may eventually be forced to pay the price for the Eurozoen debt crisis. The riskier economic climate has given rise to larger exposure to losses for the government and its bond purchasing programme.
Markets have reacted with negativity to the Euro following the German central bank’s waning profit figures.
Euro to Australian Dollar Exchange Rate: 1.2447 -0.52%
Euro to New Zealand Dollar Exchange Rate: 0.6272 -0.83%
Euro to Japanese Yen Exchange Rate: 108.399 +0.19%
Euro to Pound Exchange Rate: 0.8334 -0.92%
Euro to Swiss Franc Exchange Rate: 1.2060 -0.01%
Euro to South African Rand Exchange Rate: 9.8805 -0.51%
Euro to US Dollar Exchange Rate: 1.3111 -0.45%