7th December 2011
The European single currency has shown a slight recovery against sterling (GBP) following a meeting of the leaders of France and Germany earlier this week to discuss the region's economic difficulties.
EUR/GBP improved to 0.8574 in early trading this morning (December 7th), showing a 0.12 per cent gain - pulling back from a low of 0.8538 on November 30th.
Reforms set out by the French president and German chancellor have halted a downward trend in forex trading for the euro of late, but investors remain cautious.
"We will take decisions on Thursday and Friday that we consider important and indispensable and with that make a contribution to the stabilisation of the eurozone," stated German chancellor Angela Merkel.
The news follows a recent announcement by credit ratings agency Standard & Poor that the organisation is considering the downgrading of 15 major European economies over the coming weeks, including Germany, Spain and France.
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