Euro is off its 1.4050 low; Greece faces more debt crisis

Friday, 20 May 2011 10:52

The European currency for 17 nations seems to be recovering as it's keeping well over the 1.4050 (7-week) low.  The currency stepped to walk on a high of 1.4336 in yesterday's session, now resisting at the level of 1.4420.  This all, rivaling the U.S Dollar.

EUR/USD is currently trading at 1.4313. 

German Producer Price Index were released earlier this morning, with the news being better than expected, making it a positive sign for the currency.  Consumer inflation rose to 1.0% from 0.4%, while forecast predicted a release of 0.6%

Further European news focus on Greece; as it is in danger to be cut off of all current lending privilages which the European Union has decided to offer.  Greece's banking system could be brought down if the European Central Bank in fact stops lending to banks that use Green governmant bonds as collateral, as it has threteaned.

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