Excerpt from: Forex Commentary
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| March 12, 2010 | | Boost comes from sovereign debt fear abatement, U.S. retail sales | The euro is heading higher in forex trading on the currency market today as things improve in terms of global economic data. Helping the euro right now is the fact that U.S. retail sales showed improvement in February. This has many speculating that the U.S. really is on the road to recovery, and risk appetite is returning.
Also helping the euro is the fact that the euro zone nations are putting together plans to help prevent another sovereign debt debacle like Greece. And concerns about the Greek financial contagion are abating. GFT's Boris Schlossberg reports in FX360 on events in the euro zone:
Euro continued its short covering rally into the weekend, clearing the
key 1.3740 level after several European officials lent their support to
the creation of a European Monetary Fund that would be able to deal
more effectively with future funding crises of its member nations.
| Topic Tags: Boris Schlossberg, currency market, euro forex trading, forex trading, FX360, retail sales | |
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