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Profit-taking pulls down euro

10th February 2012

The euro fell in Asian trading this morning (February 10th) as investors moved to take profits made over recent sessions.

According to the Wall Street Journal, the single currency moved to $1.3264 and Y102.96 by the close of the session, as investors consolidated their portfolios due to ongoing fears that Greece will leave the euro.

"Strictly speaking the risk of Greek facing a hard landing remains, but the markets might have made a snap decision," said Kosuke Hanao, head of foreign exchange at HSBC in Tokyo.

He added that the euro has significant upside potential, especially if the latest round of Greek deficit talks proves fruitful. However, the currency could fall if negative headlines emerge regarding the deal.

Earlier this week, the euro moved to a two-month high against both the US dollar and Japanese yen, as confidence grew that Greek ministers were close to sanctioning the latest bailout deal from the European Central Bank.

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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.