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Euro edges down in early trading

19th November 2011

The euro has shown signs of negative movement in early trading this morning (November 18th), with the single currency suffering over fears of contagion in the eurozone.

Reuters reports analysts are wary of the debt crisis running out of control and this is currently impacting on confidence in the region and forcing many investors to move out of the currency.

Forex trading this week has therefore resulted in a 2.4 per cent dip for the euro - marking its largest weekly downturn since the start of September.

"There's plenty of two-way interest in the euro now," commented Jesper Bargmann, Asia head of G11 spot FX for RBS in Singapore. "There's a lot of short positions out there and people are eager to book some profit. So it's not an easy trade."

Earlier this week, optimism created by the standing down of Italian prime minister Silvio Berlusconi proved short-lived, with traders remaining extremely cautious.
 

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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.