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Euro Extends Yesterday’s Gains

July 27, 2012 at 13:29 by Miranda Marquit

Euro banknotes rolled upEuro is extending yesterday’s gains in Forex trading today. Yesterday, the euro got a boost as ECB President Mario Draghi said that everything possible would be done to save the euro. The news has heartened investors and Forex traders around the world and encouraged risk appetite, helping the euro.

Trading is a bit choppy today, but EUR/USD has risen above the 1.2300 mark, and is extending its gains. A lot of the euro’s strength stems from Mario Draghi‘s recent comments. The ECB President as reassured investors and Forex traders, and it appears as though many expect that drastic steps will taken to solve the eurozone debt crisis, and prevent struggling eurozone countries from bringing down the euro.

Draghi’s strong signal kick-started the markets yesterday, and there is still some risk appetite, even though things have become a little choppy. Next week, members of the ECB board will meet to make policy, and set the eurozone benchmark interest rate. There is a great deal of speculation, including hope that the ECB could buy some government bonds in order to help pull down bond yields in Spain and Italy.

At 13:26 GMT EUR/USD is up to 1.2322 from the open at 1.2284. EUR/GBP is up to 0.7836 from the open at 0.7832. EUR/JPY is up to 96.5535 from the open at 96.0950.

If you have any questions, comments or opinions regarding the Euro, feel free to post them using the commentary form below.

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