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Wednesday April 11, 2012 - www.knowledgetoactionnews.com - Established 2004
Euro increase witnessed this afternoon
Reuters reports that as of 12:55 BST, the currency had gained 0.5 per cent against the greenback, as traders witnessed increased demand from hedge funds buying on dips.
A weak German bond sale has done little to quell a rise in forex trading for the European single currency so far this afternoon (April 11th)."People are still worried about the eurozone but there have been too many sellers in the past few days. It's a case of one step forward and two steps back for the euro," Geoffrey Yu, currency strategist at UBS, told Reuters.
So far today, the euro has touched a session high of $1.3157, but has since fallen back to $1.3141.
Earlier this month, weak manufacturing data in the eurozone caused a dip for the single currency against both the US dollar and Japanese yen. However, this downturn has now been reversed, with the currency trading strongly once again.
Posted by Greg Secker
- Knowledge to Action News11-04-2012
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