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Wednesday, 18 Aug 2010
Forex Update: Euro Teetering from Uncertainty
Investor confidence in the global economy was shaken today, leaving the euro with only small gains, despite a recovery in risk appetite. A reminder by one of the Fed's governors that there is still a 50-50 chance of further asset purchases in the U.S. was enough to reverse the market's more buoyant mood.
Unexpectedly strong industrial production figures out of the U.S. yesterday, and a sentiment that the market's bearish assessment of the U.S. economy was over-done, initially helped the euro and other high yielders to recover against the greenback. However, market sentiment swiftly turned against the EUR, as European trading got underway.
