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PostSubject: Forex News   Forex News Icon_minitimeMon May 09, 2011 8:21 am

The euro rallied today on speculation that the European Central Bank will increase its interest rates even as the threat of the sovereign-debt crisis persists. The optimism quickly waned, though, and the currency experienced a sharp drop.

The euro was gradually rising today as the policy makers of the European Union agreed on May 6 to reconsider term of the bailout for Greece. The economic data was also favorable as the German trade balance surplus increased from €11.3 in February to €15.2 in March, rising by 35.1 percent. The positive news, apparently, weren’t enough to support the upside momentum and the euro erased its gains, quickly falling below the opening rate.

EUR/USD rallied from 1.4361 to 1.4440 before it retreated and traded at 1.4324 as of 13:09 GMT today. EUR/JPY fell from 115.80 to 115.47 following the jump to 116.48.

If you have any questions, comments or opinions regarding the Euro, feel free to post them using the commentary form belowforex news
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