15th February 2012
The latest agreement on a significant increase in austerity measures in Greece helped to boost the euro yesterday (February 13th), but the gains have been all but reversed in forex trading today.
Earlier today, the euro was trading at $1.3187 against the US dollar, but the single currency continued to lose momentum throughout the afternoon to wipe out previous gains, the Wall Street Journal reports.
"I don't think you want to be short [on] the euro," Win Thin, global head of emerging markets strategy at Brown Brothers Harriman in New York, told the news provider.
However, he added that "the corrections in the euro have been pretty shallow. We're still in a wait and see".
The Greek parliament voted in favour of more vigorous austerity proposals last weekend in a bid to secure additional bailout funds from the European Central Bank.
However, the action led to violent protests across the country as the public vented its frustration at the nation's ongoing financial difficulties.
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