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Euro recovers from 11-month low

15th December 2011

The European single currency has recovered from falls to an 11-month low yesterday (December 14th), but it remains in a precarious position in early trading today, it has been revealed.

Reuters reports that forex trading for the currency touched $1.2945 against the greenback, before recovering slightly to $1.3000 today.

"Overall, the outlook for the euro remains dark, with the unravelling of the treaty last week, refusal to lend to the IMF and the overall downside risks to global growth," commented Paul Robson, currency strategist at RBS Global Banking.

He added analysts now predict the currency will trade in the region of $1.26 by the end of Q1 next year.

Earlier this week, the euro dipped against GBP following the sale of Italian bonds.

While the auction was a success, the country continues to face borrowing costs that are unsustainable and the Italian economy remains a sore point for investors in terms of confidence in the eurozone.

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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.