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Euro Jumps Against Other Majors Despite Concerns About EU Integrity

June 8, 2015 at 22:19 by Vladimir Vyun

Euro sign monumentThe euro jumped against the basket of major currencies today, surging more than 1 percent versus the US dollar and the Great Britain pound. The currency has rallied even though there are significant concerns about the integrity of the European Union.

Of course, there is the problem with Greece that is in danger of a default as the bailout program near to an end in June. So far, the indebted country refused to take necessary austerity measures to reduce indebtedness and used the threat of leaving the eurozone as leverage in negotiations.

Yet not just Greece has attracted attention of market participants as there were speculations that David Cameron, Prime Minister of the United Kingdom, said that anyone in the government who refuses to support the referendum about leaving the EU will have to resign. Cameron stated:

I’ve been very clear, which is I’ve said that if you want to be part of the government, you have to take the view that we are engaged in an exercise of renegotiation to have a referendum, and that will lead to a successful outcome.

He also added:

Everyone in government has signed up to the programme set out in the Conservative manifesto.

Yet later the Prime Minister denied having such stance, saying that his comments were “misinterpreted”.

EUR/USD soared from 1.1102 to 1.1283 as of 22:18 GMT today. EUR/GBP rallied from 0.7270 to 0.7354. EUR/JPY advanced from 139.41 to 140.55.

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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