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Euro dips following inclusive EU summit

12th December 2011

The European single currency has seen a 0.5 per cent drop against the US dollar following the conclusion of an EU summit which failed to deliver a strong sense of direction for investors.

After falling short of putting forward a convincing plan to tackle the region's economic difficulties, the summit has resulted in a lack of confidence on forex trading markets today (December 12th), with a dip to $1.3300.

It follows an announcement by the European Central Bank (ECB) that future aid for the beleaguered finance sector is not forthcoming.

"People were looking for a greater response and more importantly the ECB refused to significantly step up their bond buying," Beat Siegenthaler, currency strategist at UBS, told Reuters.

Last week, a growing sense of disappointment surrounding the summit pushed down the price of the euro on Friday, with the currency losing 0.1 per cent to stand at $1.3325 - although it did fall to a one-week low of $1.3280 earlier in the session.

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