Euro rallies from 4-month low versus dollar

The euro rallied from a four-month low against the dollar on Friday as investors pared bets against the single currency after a more than 3 percent drop this month, but concerns about Greece and Spain were likely to keep it under pressure.

Positioning ahead of the weekend meeting of the Group of 8 major industrialized nations and technical support also helped, traders said, as the euro approached its January low of $1.2623. Gains accelerated after a wave of stops were triggered in the euro's grind higher.

Despite Friday's rebound, investors preferred the relative safety of the U.S. dollar and the Japanese yen as worries about Europe persisted after Moody's cut the credit ratings of 16 Spanish banks late on Thursday.

Read Full Article from Reuters

- Posted: 2012-05-18 16:17:15

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