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Euro 'holding steady after rally'

1st December 2011

The euro is holding steady after yesterday's (November 30th) rally saw the single currency climb against a number of major currencies.

Reuters reports that in the final hours of trading yesterday the euro shrugged off early losses after a number of central banks announced plans to provide funding to stem the erosion in confidence over the ongoing financial issues in the eurozone.

However, this latest move does not actually fix any of the region's underlying problems and so investors remain cautious.

"It's a psychological boost more than anything else in the long run. It doesn't address any kind of real fundamental problem," Sacha Tihanyi, senior currency strategist for Scotia Capital in Hong Kong told the news provider.

In early trading yesterday the euro was down by 0.5 per cent against the US dollar, but recovered to a one-week high of $1.3533. It has now fallen back slightly and is holding around $1.3451.
 

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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.