14th December 2011
A government bond auction in Italy has done little to stabilise the euro against sterling, as the country's borrowing costs remain close to unsustainable levels, it has been claimed.
Forex Pros reports today's (December 14th) morning trading resulted in EUR/GBP falling to an almost ten-week low at 0.8392 - losing 0.18 per cent of its opening forex trading value.
Sentiment in regard to the euro has been subdued in recent days, as analysts now believe a lack of progress in determining a concrete plan for tackling the region's debt problems was seen during last week's EU summit.
Yesterday, the Wall Street Journal reported the European single currency appeared to be making gains against the US dollar after a significant decline at the start of the week.
"There has been no sense of panic. If anything, the market appears to be stabilising, albeit not too far from recent lows," according to a note from Citigroup.
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