December 11, 2011 Forex

After much build-up ahead of last Fridays European Union summit, the Euro (1.3350) fell against several major counterparts as investors remain unconvinced the measures announced will resolve the regions two-year debt crisis. During trade on Friday, the 17-nation currency moved from a high of 1.3433 down to a low of 1.3280 despite the summit agreeing on stricter budget rules to address structural problems. Whilst the European Central Bank has cut rates and improved bank funding, market participants are concerned that not enough is being done to support peripheral bond markets. Meanwhile, the greenback opens marginally lower against the Japanese Yen today at 77.60.

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