Forex: Euro retains gains versus dollar
July 23rd, 2010The euro steadied versus the dollar today (July 23rd), retaining gains made the previous day following strong eurozone data and US corporate earnings.
Reuters reports that investors may now be looking to stress tests results due later today to indicate the next move in Forex trading.
The news agency stated the currency has had support at around $1.2720 (83p), an interim high from July 9th set during the recent surge from a four-year low.
A break above $1.2720 to the $1.3030 mark could see the euro testing $1.3090 to $1.3125.
A senior FX trader at a big Japanese bank suggested few people are seriously worried about the bank stress tests results now and this is supporting the euro.
"But it’s hard to see whether the euro will extend gains against the dollar after the test results as investors are well aware the root problem of the eurozone debt woes is sovereign credit trouble," he added.
Earlier this year the euro hit a four-year low of $1.1876.
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