Wednesday, September 23, 2015

EUR: Volkswagen's emissions saga upsetting currency markets mood - Investec

FXStreet (Delhi) – Research team at Investec, suggest that the recent Volkswagen’s emissions problem has taken the global currency markets for a ride with Euro taking a beating against both, the dollar and yen.

Key Quotes

“Yesterday's market news focused on Volkswagen's emissions saga, where over €6 Billion have been set aside to resolve the scheme that tricked regulators and consumers about emission levels of diesel engines installed in 11 million of their cars worldwide.”

“The subsequent profit warning from VW saw a large fall in their share price, helping drag European stock markets lower. The question of how many of these Euros will be needed to convert into USD and GBP (to settle disputes and recalls in America and the UK) is at top of currency traders’ minds across the street.”
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