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Euro recovers from losses

Published: 3 Aug at 2 PM Tags: Euro Exchange Rate, Currency Exchange, Euro Crisis, Spain,

The euro regained some ground on Friday as some market players became more optimistic about the about the European Central Bank’s decision on sovereign bond buying which could help combat the debt crisis in the euro zone.

Many investors had hedged their bets against the single currency on Thursday after the central bank dealt the bloc a blow by announcing that it was not going to restart its bond buying scheme at present in order to curb Spain and Italy’s high borrowing costs.

The bank hinted that it would be September at the earliest when any intervention may take place, while President Mario Draghi revealed the action would only be carried out if governments activated the region’s bail-out funds to join it in buying bonds.

However, mounting expectations that the ECB would eventually intervene boosted the common currency. Analysts said that more short-term gains would come down to data regarding non-farm payrolls in the US. The euro also remained vulnerable to further selling with the debt crisis yet to be resolved.

The single currency climbed by 0.8 per cent to $1.2285, after stop-loss buy orders were triggered at $1.2250, according to traders. Commerzbank strategist Ludz Karpowitz said that a lot of investors have reassessed Draghi’s comments from Thursday.
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