Mon, 06 Aug 2012 00:00:00 +0200
Euro Sees Major Gains amid Risk Taking
The euro saw significant gains against several of its main currency rivals on Friday, after better than expected US jobs data boosted confidence in the global economic recovery, which in turn led to risk taking in the marketplace. The EUR/USD finished out the week at 1.2383, up over 200 pips during the European session, and only a few pips below its high for the day at 1.2390. Against the JPY, the euro gained just over 200 pips during European trading to reach as high as 97.38. The pair staged a minor downward correction and ended up closing out the week at 97.19. This week, euro traders will want to pay attention to announcements out of the euro-zone, particularly with regards to plans to lower borrowing costs in Spain and Italy. If euro-zone leaders decide to divulge any information about how they plan to stabilize troubled economies in the region, the common currency may extend its recent bullish trend. That being said, analysts are also warning that Spain may be getting ready to make a formal bailout request to assist its ailing banking sector, in which case investors could shift their funds away from the euro.
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