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Euro Gains Strength as Debt Fears Ease

The euro gained on both the dollar and the pound today as traders set aside their worries over the debt levels facing several Euro Zone countries. European leaders – including
European Central Bank President Jean-Claude Trichet – began a series of meetings last week to deal with the debt problems and this has buoyed optimism that a solution to stave off a financial crisis can be found.

“Mr Trichet has not always attended these meetings and so the market is taking his late change in schedule as an indicator that the ECB may be looking to work with the EU on a solution to Greece’s debt problems,” said Joshua Raymond at City Index.

Source: BBC News

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Posted by Staff at 7:27 am UTC, 05/23/2012
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May
23
Today’s Global
Market Events
All Day

EUR
EU Economic Summit
8:30am

CAD
Core Retail Sales m/m
0.5% vs. 0.5%
CAD
Retail Sales m/m
0.4% vs. -0.2%
CAD
Leading Index m/m
0.3% vs. 0.4%
10:00am

USD
New Home Sales
335K vs. 328K
USD
HPI m/m
0.4% vs. 0.3%
10:30am

USD
Crude Oil Inventories
0.8M vs. 2.1M
6:45pm

NZD
Trade Balance
400M vs. 134M
10:00pm

NZD
Annual Budget Release
10:30pm

CNY
HSBC Flash Manufacturing PMI
49.3