Posted On: June 13, 2012
Conjecture about debt-hobbled Greece taking action to preserve its place in the 17-nation euro zone boosted the value of the shared currency on Wednesday against the world's reserve currency, according to
As the Aegean nation prepares for its second shot at national elections this Sunday, the embattled monetary unit also demonstrated gains against the Japanese yen. Early May elections in Greece were inconclusive, heightening concerns about the nation's tenuous place in the euro bloc.
"I don't think there's enough uncertainty in the market to push the euro down dramatically this week," director Carl Forcheski with the corporate currency sales desk at Societe Generale in New York told Bloomberg. "The euro has priced in this crisis, so we've made the big adjustment. I don't think we'll see it fall significantly lower until we get a clear view on the election."
The past 180 days have seen the currency lose 3.6 percent of its value against the U.S. dollar, distinguishing itself as the worst-performing of the 10 developed nation monetary units that Bloomberg follows.
The Wall Street Journal reports
that stronger-than-anticipated euro zone economic data also benefited the euro on Wednesday.
Category: Industry News
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