23rd December 2011
The European single currency has responded well to positive data coming out of the US and has shown a rise in forex trading this morning (December 23rd) despite ongoing fragility in the marketplace.
A fall in US weekly jobless claims has helped strengthen trading for currencies outside of the US as well as the greenback, as consumer sentiment has improved across the board, Reuters reports.
As a result, the euro rose by 0.2 per cent for the day against the dollar at $1.3075.
However, Chris Walker, currency strategist at UBS, told the news provider: "The dollar is still seen as a funding currency when risk appetite improves and people will sell dollars on the back of that."
He added that it is likely the eurozone weighting will see the currency trading at around $1.25 over the coming months.
Earlier this week, the euro reported a 0.5 per cent gain against the dollar, moving away from an 11-month low of $1.2945 which it had touched earlier in the month.
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