Euro Sees Gains Following US News

After several weeks of downward movement, the euro was able to capitalize on disappointing US news Friday to finish the week on a positive note. Against the JPY, the common currency was up well over 100 pips during mid-day trading. The pair peaked at 97.49 before staging a downward correction to close out the week at 96.90. Against the British pound, the euro moved up more than 70 pips over the course of the day. The pair eventually closed out the week at 0.8091, just below its high of 0.8095. This week, analysts are warning that the euro's bullish trend may be short lived, as investors are still preoccupied with Spain's debt crisis and the upcoming Greek elections. In addition, the euro could come under renewed pressure following Wednesday's Minimum Bid Rate and subsequent ECB Press Conference. While no changes to euro-zone interest rates are forecasted to occur, investors will be paying close attention to the press conference for clues as to any future plans to stimulate growth in the region.

Disclaimer: Trading Foreign Exchange carries a high level of risk and may not be suitable for all investors. There is a possibility that you could sustain a loss of all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with Foreign Exchange trading. ForexYard