8th August 2012
The euro dipped during early trading today (August 8th), but its losses were mitigated by investors' expectations of future invention by the European Central Bank (ECB).
Against the dollar, the single currency was down 0.25 per cent to $1.2371, sliding slightly after recent gains that took it to a one-month high of $1.2444 yesterday.
Since ECB president Mario Draghi vowed to do everything in his power to save the euro from disintegration, the currency - along with equity markets and riskier investments - has rebounded.
However, poor import and export data from Germany was enough to buck the trend and initiate the most recent fall.
It remains to be seen what long-term effects the latest Bank of England data will have on trader confidence.
The Bank's Monetary Policy Committee has slashed its growth forecast for the British economy from 0.8 per cent to almost zero as the double-dip recession intensifies.
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