The common European currency reduces the losses since the beginning of the European forex trading transactions, as the initial panic of the developments in Greece is outweighed by the European “voice” for final effort to compromise the Greek debt. The situation in Europe is becoming worse and the debt crisis is out of control, threatening not only the consistency of the Greek economy in general but also the entire European project as well as the global banking industry, a development for which we have gave a brief idea to our readers several months ago. Many forex brokers also believe that the problems appear to have no end because the ever worsening debt crisis should not stop the relentless struggle of China and other emerging economies like Brazil, India and Russia to combat inflationary pressures.
The euro was trading at $1.4154, with losses of 0.06% against the U.S. currency while it was losing 0.27% against the Japanese yen to 114.355 yen. In relation to the Swiss franc, the euro declined by 0.61% to 1.2014 francs, after the new historical low of 1.1947. In contrast, the euro records profits against the British pound moves up by 0.24% on profit 0.8774 pounds.
This news post was written by Chris on June 16, 2011