Friday, 29 Jan 2010

WEF and Rising Euro-Zone Confidence Fail to Boost EUR

The US Dollar continues to climb, surprisingly as market sentiment in Europe appears to be on the rise. Comments made from Davos, Switzerland's World Economic Forum (WEF) have also brought some optimism to investors who were worried about the future status of Greece. European Union officials reaffirmed that Greece would not default or leave the union and that measures would be taken to work out an understanding for its condition to improve.

Being released concurrently with the beginning of the WEF was an economic barometer report from Switzerland which showed a rising trend in business outlook, putting only a minor hold to the CHF's downfall against the USD. European unemployment also fell 0.1% to an even 10% in today's report, paring back from the prior 0.2% rise reported previously.