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Tuesday May 18, 2010 - 01:01:13 GMT
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ImperialFXonline : Daily FX Review Euro bounces from 4-year low on short-covering as European officials remain confidentThe single currency recovered from a 4-year low against the dollar on Monday, paring its losses on the back of the late swing in U.S. stocks into positive territory (Dow ended the day up 5 points) and also as many traders felt the latest selloff in the eur/usd and eur/jpy was overdone. The euro rose from its intra-day lows of 1.2235 and 112.47 against the greenback and yen respectively to around 1.2380 and 114.50.European officials meeting in Brussels remained confident on the single currency and the eurozone stability package, with the first part of a loan tranche for Greece (worth 20 billion euros) is expected to be ready ahead of the deadline for the troubled nation's debt obligations. There was also a denial of any rift in the relations between Germany and France following the news last week that French President Nicolas Sarkozy had threatened to pull France out of the euro. However, EU Chairman Jean-Claude Juncker expressed his concern over the pace of the recent fall in the euro.Sterling was also able to pare most of its losses against the greenback but the Australian and New Zealand dollar fell victim to risk aversion and were down around one percent versus the safe-haven yen. Stock markets were mixed in Europe while more profit taking in gold pushed the commodity down to as low as $1219.10.Written By www.imperialFXonline.comJoin Us and Strategize Your FX Trading Now!!Disclaimer: Imperial Forex has taken reasonable measures to ensure the accuracy of the information of this article, however, does not guarantee its accuracy, completeness and timeliness, and will not accept liability for any loss or damage which may arise directly or indirectly from the content. Imperial Forex will not accept any liability for loss or damage as a result of reliance on the information contained within this article or on its website including data, quotes, charts and buy/sell signals.
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