Euro remains high against dollar in Forex trading
July 21st, 2010The euro has remained near to the dollar today (July 21st), after achieving close to a ten-week high.
Reuters reports the currency was supported in Forex trading by strong US corporate earnings that also boosted global shares.
The news agency states by 08:47 BST the euro was 0.1 per cent higher on the day at $1.2895 (84p), having pulled back from $1.3029 seen on Tuesday, its strongest since May 10.
According to traders, the euro could struggle to achieve gains in the near future as investors take profits of increases that has seen the currency rise by more than eight per cent since hitting a four-year low of $1.1876 in early June.
"People are less worried about the euro than they were a month or two months ago," said Johan Javeus, head of global strategy at SEB in Stockholm.
A Sharecast report yesterday suggested investors had largely shrugged off the decision to downgrade Ireland’s credit rating and the withdrawal of Hungary’s IMF-backed rescue finance package.
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