8th December 2011
The European single currency has held steady against the US dollar today (December 8th) ahead of a widely expected rate cut by the European Central Bank (ECB).
As of 10:35 GMT, the euro was holding flat at $1.3405, with investors awaiting the outcome of the ECB decision before making any serious moves in forex trading.
However, any shift in the price will likely depend upon politicians across the eurozone coming up with a comprehensive plan to tackle the region's debts.
"The euro will trade in a range of $1.3350-1.3450 with the ECB chief putting the onus on politicians to get their act together before he can provide more support," commented Jeremy Stretch, head of currency strategy at CIBC World Market.
Yesterday, the euro made gains against sterling following a meeting of the European leaders earlier this week.
EUR/GBP has now improved to 0.8574 from a low of 0.8538 on November 30th, showing a rise of 0.12 per cent in early trading.
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