9th December 2011
The euro has dipped in forex trading this morning (December 9th) following a reduction in confidence that European leaders will come up with a comprehensive plan to restabilise the eurozone.
Dipping to a one-week low of $1.3309 against the greenback today, the European single currency recovered slightly to $1.3325 - down by 0.1 per cent from the start of trading, Reuters reports.
"There will be an agreement, it will be signed by the whole of the eurozone ... and it looks [like] there's more money for the IMF," said Rob Ryan, FX strategist for BNP Paribas in Singapore.
"Still lots of questions remain though - chief among them is implementation risk," he added.
In addition, the Australian dollar - a barometer for investor risk appetite in forex trading - also showed weakness with a reduction of 0.7 per cent to $1.0095.
The single currency had been showing positive signs over the last few days, maintaining its position against the greenback and slightly strengthening against sterling prior to this latest downward shift.
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