Euro Slightly Recovers Against Greenback and Sterling - 25.5.2012
The shared currency bounced up against the US dollar on Friday after being on a slippery slope the last 4 days. The Italian Prime Minister Mario Monti stated today that Greece will most probably remain in the euro and Germany will be pressured do what it has to be done to keep euro-area united. The euro pulled back up from the 1.2514 level, 22-month low to the 1.2601, appreciating by 0.7 per cent and trading above the Moving Average of (50), (20) and (10) on the hourly chart. Furthermore, the Euro versus the British pound rose to the 0.8044 resistance level from the 0.7995 support level that it dropped yesterday. The British pound was trading weaker due to speculation that the Bank of England will increase its asset purchase facility, to a new Quantitative Easing program as growth indicators showed recession is deepening in the U.K.