Merkel & Sarkozy Return Hope for Euro Bulls, Euro at Monthly Record

The euro reached today the highest level this month as leaders of Germany and France maintained their stance to keep Greece in the Eurozone and promised to find a solution to the current crisis.
German Chancellor Angela Merkel and French President Nicolas Sarkozy said yesterday they set a three-week deadline to themselves for recapitalizing banks and finding a “durable” solution for the problems of the Eurozone. Merkel promised they will do “everything necessary” to ensure the European banks have enough funds. Sarkozy said the plan for saving the European financial system will be present at the Group of 20 summit on November 3.
EUR/USD surged from 1.3389 to 1.3622 and EUR/JPY jumped from 102.80 to 104.44 as of 13:09 GMT today. Earlier, the euro reached the monthly maximum of 1.3637 against the dollar and 104.52 versus the yen.

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