26th September 2011
A recovery has taken place for the euro today (September 26th) following weeks of speculation over the currency's long-term future.
Forex trading on global markets saw the euro gain around 0.2 per cent on the US dollar this morning to stand at $1.352 - pulling the currency out of a prolonged slump that had seen it reach a ten-year low last week.
However, ongoing fears over the state of European economies means investors and traders continue to be wary of a long-term gain.
"We don't think the bounce will last as the situation is pretty negative for the euro," George Saravelos, G10 FX strategist at Deutsche Bank, told Reuters.
The upturn in fortunes follows comments last week by G20 leaders that they would do all in their power to stabilise global markets.
Members of the G20 pledged to bolster the funds already committed to the region's European Financial Stability Facility rescue fund and this had a positive effect for traders.
Posted by Andrew Johnston
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