Euro Climbed For The Second Day In A Row
Following further talks between the European Union and International Monetary Fund chiefs, the euro climbed for the second day in a row as confidence of a successful rescue plan for Greece’s failing economy returned.
Forex traders at online brokers such as ForexYard witnessed resurgence for Europe’s single currency against the US dollar and many other currencies during Thursday’s trading sessions. The euro rebounded from a one-year low of $1.3112 on Wednesday to $1.3244 during late afternoon New York trading, which is a rise of 0.3%.
European Union Economic and Monetary Affairs Commissioner, Olli Rehn, said earlier today that talks regarding Greece’s rescue package would be completed ‘within days’, but Rehn said he could not provide details of the deal just yet. Forex traders at ForexYard and many other online Forex brokers will be watching for the outcome of the details regarding Greece’s rescue plan as this will have a big impact on all euro currency pairs.
The aid package for Greece could be worth as much as € 120 billion over three years. This kind of backing would encourage lending to the struggling European state’s economy, which would in turn boost the euro across the world’s Forex markets and make for some profitable trades in the process.
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