Euros time to shine

Monday, 6 June 2011 11:47

The 17 nation European currency is thriving on disappointing U.S news and good Euro news about Greek debts and Interest Rates.  Starting Monday, the currency opened to hit a new one-month high of 1.4658 after trading around 1.4650 on friday before the end of the week.  Aiming for the 1.50- line, the Euro is shining as positive announcements push it upwards.

The Portuguese election helped the Euro climb even further as markets viewed the win of the centre-right Social Democrats against the Socialists as positive news.  Greece is still speculating over its huge debt; just on friday, the IMF-EU-ECB discussed a new bailout package for Greece and seemingly agreed with it, aiding Greece to steer away from delinquency. 

So far, so good for the EUR as its currency trade against the USD hits 1.4630; keeping well above the 1.45 zone. 

A European Central Bank meeting is awaited to take place on Thursday; close attention will be paid on clues about increasing Interest Rates.

EUR/GBP is currently at 0.8910; the pair rose since friday's trading between the 0.88 zone.  EUR/CHF is presently at 1.2227.