The euro started the week rallying, but the doubts, that remained even after the European Union summit, caused the rally to fail and the currency hangs now barely above the opening level above the greenback and below the opening versus the yen.
The EU leaders discussed on the summit the ways to support the region’s banks. They refused the idea of a forceful restructuring of the Greek debt. Investors weren’t completely convinced by the plans of the politicians and the drop of the European manufacturing and services industries reinforced such doubts.
EUR/USD jumped from 1.3840 to 1.3952 today, but later retreated and traded near 1.3849 as of 13:06 GMT. EUR/JPY traded near its opening price of 105.48 after reaching the high of 106.46.
If you have any questions, comments or opinions regarding the Euro,
feel free to post them using the commentary form below.
