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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