21st October 2011
The euro has fallen today (October 21st) after investors became edgy regarding the upcoming European summit that is taking place this weekend.
Divisions between France and Germany could put paid to plans for further investment in the European bailout fund and this has spelled a drop in forex trading against a number of safe haven currencies, including the Japanese yen and Swiss franc.
Manuel Oliveri, currency strategist at UBS, Zurich, told Reuters: "There is a lot of international pressure on the eurozone leaders to come up with a solution. So if there is one, we could see the euro bounce."
However, the publication reported earlier this week that comments made by German finance minister Wolfgang Schaeuble had resulted in a significant downturn for the single currency in trading on Monday.
It dipped 0.3 per cent against the dollar to $1.3836 after Mr Schaeuble claimed the upcoming European summit will not result in a concerted solution for the continent's ongoing economic issues.
Posted by Andrew Cottrill
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