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German debt auction impacts euro forex trading

24th November 2011

The European single currency has shown weakness over this afternoon's (November 23rd) forex trading as a result of the German debt auction.

Investors saw the euro fall to its lowest level since the start of October today, after it emerged the eurozone debt crisis could begin to infect even the strongest economies in the region, including the likes of France and Germany.

As a result, the German government completed one of its least successful debt auctions to date, with the euro diminishing to $1.3371 amid fears France could lose its triple-A credit rating.

"Mounting global economic and financial market uncertainty sent investors seeking the relative safety of the world's most liquid market," Omer Esiner, chief market analyst at Commonwealth Foreign Exchange in Washington, told Reuters.

Last Friday saw a slight dip in the value of the single currency, but it was able to recover over the weekend.

However, this latest news has seen it move significantly away from the six-week high which it was close to at the beginning of Monday.
 

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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.