Euro Rises From 2-Yr Low; China Data Ease Concerns |
| CNBC.com - Jul 13, 2012 |
The euro gained against the dollar for the first time in four days on Friday, bouncing from a two-year low as investors sought to cover bets against the currency.
With the euro falling so much in recent weeks, "there is always the potential of violent short squeezes, but any euro strength should not last long."
The euro [EUR=X 1.2234 0.0038 (+0.31%) ] last traded at $1.2238, up 0.34 percent. It had earlier fallen to a mid-2010 low of $1.2160.
"For the most part, it's Friday, the market is thin and everybody is short," said Ronald Simpson, managing director of global currency analysis at Action Economics in Tampa, Florida. "Euro/dollar has made new daily lows nine days in a row now," he said. "I think it's just a bit of a short-squeeze, driven by various rumors and talks."
Risk sentiment broadly improved, with U.S. stocks trading higher after six days of declines as data from China allayed concerns a slowdown in the world's second-largest economy could further hinder global growth.
Read Full Article from CNBC.com
- Posted: 2012-07-13 14:52:04
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