Investors Eagerly Await ECB Action to Boost EU Recovery

The euro had a mixed trading session on Friday, as positive US news led to losses against the greenback, while risk taking in the marketplace resulted in the EUR/JPY hitting a six-week high. The EUR/USD fell close to 90 pips during European trading, eventually hitting 1.2288, before staging an upward correction to close out the week at 1.2330. Against the JPY, the common-currency advanced close to 50 pips during early morning trading to reach 98.38, its highest level since early July. Downward movement later in the day resulted in the pair finishing out the day at 98.09. This week, in addition to any announcements from EU leaders regarding the current state of the euro-zone, traders will want to note the results of several indicators out of the region. Thursday in particular is likely to be a volatile day, as manufacturing and services data is set to be released out of Germany, France and the EU as a whole. Should any of the data come in higher than forecasted, the euro may be able to recover some of its recent losses against the US dollar.

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