Friday, 26 Mar 2010

EUR Recovers from 10 Month Low over Greece Plan

The EUR rose from a 10 month low against the Dollar after Euro-Zone leaders agreed on an aid program for Greece in conjunction with the International Monetary Fund and bilateral loans. The EUR's Gains were also intensified by gains in U.S equities following the release of better than expected consumer sentiment report.

The EUR strengthened to $1.3399 from $1.3273 yesterday, reaching a high of 1.3418. The EUR advanced to 123.89 yen, from 123.08. The Yen advanced to 92.47 per USD, from 92.73 yesterday.

Meanwhile, Crude Oil futures dropped below $80 a barrel despite the announcement of the Greek recovery plan as a worse than expected U.S GDP result raised concerns about the pace of the U.S. economic recovery.