5th January 2012
The European single currency is unlikely to show a rise in forex trading even if today's (January 5th) French debt sale is a success, it has been claimed.
Johan Javeus, chief strategist at SEB in Stockholm, told Reuters he believes markets are unlikely to react in a positive manner, no matter what the outcome of today's sale is.
Indeed, even with an extremely positive reaction from investors, the present downward momentum for the currency and overriding feeling of paranoia in the eurozone could well balance out trading for the euro.
He added: "I don't think today's auction will have a dramatic effect (on the euro), unless the sale is disastrous."
Earlier this week, Germany completed its own bond sale, which had the result of strengthening sterling against the euro.
Weak uptake of German bonds hampered the single currency in trading yesterday, with other safe haven currencies benefiting as a result.
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