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Euro banks on recovery among lenders in FX trading

28th October 2014

The euro was able to post gains versus most of its rivals in FX trading yesterday after stress tests on the eurozone's banks were more promising than expected.

ECB figures showed that out of 150 lenders across the bloc, just 25 had shortfalls in capital and most of these have already taken steps to remedy the problems, suggesting that the single currency may not be as fragile as many had feared.

It was further boosted by more sticky homes data from the States, which pegged back the dollar a bit. Yesterday, we discovered that pending home sales didn't grow as much as expected, while last week, we learnt that new home sales disappointed as well.

However, the euro didn't have it all its own way in yesterday's FX trading, with Germany's Ifo index falling for the sixth successive month. The reading of 103.2 is the lowest since December 2012 and adds to concerns that Germany's economy is stalling.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.3% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.