17th January 2012
The European single currency has held its position in forex trading this morning (January 17th) after a short squeeze by investors.
It is the first time in three sessions that the euro has shown any sort of improvement, although investors continue to be wary of the currency as rumours of a Greek default are growing, Reuters reports.
Furthermore, ratings agency Standard & Poor has downgraded the eurozone ESFS bailout fund to a AA+ rating after downgrades to nine European economies at the end of last week.
Investors have given breathing space to the euro this morning however, after figures from China showing the country's economy grew over the last three months.
"I don't think the euro's gains can last and this short squeeze that we have seen post the Chinese data will continue," Ankita Dudhani, G10 currency strategist at RBS, told the news provider.
Yesterday, Reuters revealed the euro fell to a 17-month low against the US dollar at $1.2624 and also an 11-year trough against the Japanese yen.
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