EUR Trading Outlook (27-07-2012)
The euro (EUR) recorded gains against most of its major counterparts as comments by the European Central Bank (ECB) President Draghi boosted the single currency. He was particularly firm, saying that the single currency is irreversible and that the ECB will do whatever it takes to preserve the euro. This comes one day after European Central Bank (ECB) member Nowotny, shared his insight that there are arguments in favor of giving the European Stability Mechanism (ESM) a banking license. Versus the US dollar (USD), the single currency rose to 1.2277 from 1.2137.
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