.png "DailyForex logo")
Forex Trading Reviews & News 
By: Sara Patterson
In Asian trading yesterday the Euro strengthened 0.5%, up to $1.4288, a one-week high against the greenback. The currency’s position was solidified after a meeting of French President Nicholas Sarkozy and German Chancellor Angela Merkel, who agreed to take a joint position regarding Greece’s debt crisis. The joint position will be presented in Brussels today as a way to curtail fears of contagion in the bond markets.
The common currency strengthened yesterday against 13 of its most commonly traded counterparts, most notably with a rally of 0.5% against the Yen. Analysts, however, question whether this rally will continue as reports surface that the region’s manufacturing growth has reached a two-year low and consumer confidence declined to the lowest point in eight months. ECB President Jean-Claude Trichet has called upon regional leaders to restore confidence and has raised borrowing rates for the second time this year.
