14th November 2011
Optimism created by the stepping down of former Italian prime minister Silvio Berlusconi and the introduction of financial reforms in the country helped buoy the euro for a short time, but the single currency dipped in early trading this morning (November 14th).
Reuters reports the sale of Italian bonds at below expected yields on Friday saw the single currency improve in forex trading, but this rally was short-lived as despite the positive economic announcements, investors remain extremely cautious.
"When you have good news and the euro doesn't rally, you're probably going to be headed lower over the week ... I'd say you're selling into rallies from $1.3750," said Geoff Kendrick,currency strategist at Nomura in London, told the news provider.
Trading this morning saw the euro dip to $1.3665 - a reduction of 0.6 per cent from the opening of the markets.
The news follows reports last week that the euro fell to a one-month low against the US dollar of $1.3484.
Posted By Andrew Johnston
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