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Euro rallies as Greece pulls back from referendum

4th November 2011

The euro has seen a surge in this morning's forex trading (November 4th) after it emerged the Greek government has reconsidered its decision to hold a referendum in regard to the latest EU bailout package.

This latest move by the government has resulted in increased investor confidence, although it could spell the end for Greek prime minister George Papandreou - who now faces a vote of confidence over his leadership this evening as a result of this week's crisis.

Reuters reports the single currency has recovered from a three-week low of $1.3608 to now trade at $1.3796.

"Whatever happens in the confidence vote tonight the opposition will support legislation for the bailout package. That has soothed the market," Adam Cole, global head of FX strategy at RBC Capital Markets, told the news provider.

Meanwhile, commodity prices fell last week after the EU set out plans for its latest bailout.

Posted by Andrew Henderson

Reuters revealed investors took the positive news as a sign to move away from safe havens and to increase their exposure to riskier assets, resulting in a dip in gold in particular.
 

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.3% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.