Euro gains after three days of losses

Posted On: February 11, 2013

The shared currency of the European Union reversed three consecutive trading sessions of losses on Monday against the U.S. dollar and the Japanese yen but foreign exchange traders remained cautious amid concerns about regional political and fiscal tumult, according to Reuters.

Euro zone finance ministers is set to convene on Monday while the Group of 20 meeting is slated for later this week. Both meetings are likely to underscore vulnerabilities within some nations.

"The G20 meeting in Moscow this week seems certain to focus on 'currency wars' but beyond a bland call for countries not to engage in competitive devaluations it's hard to see what concrete steps can be taken at this stage," strategist Kit Juckes with Societe Generale in London told the news source on Monday.

He noted the U.S. appears to be within a comfortable situation, the Pacific Rim nation is working on deflation and Europe is facing daunting challenges.

Channel New Asia reports the euro zone meeting on Monday will see discussion regarding a bailout for Cyprus, among additional topics of concern.

Category: Industry News


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