Mecklai graph of the day: Will the rally in EURO sustain?
Mecklai graph of the day: Will the rally in EURO sustain? The EURUSD rallied to fresh session highs of $1.2591 surging as much as 1.5 %, the biggest intraday advance since Nov. 30.
June 29, 2012 / 16:24 IST
Mecklai graph of the day: Will the rally in EURO sustain?
The EURUSD rallied to fresh session highs of $1.2591 surging as much as 1.5 %, the biggest intraday advance since Nov. 30. This rally is mainly due to the EU summit going on presently in Brussels, as the EU leaders agreed to open funds without austerity programs. The EU leaders have permitted to use the bailout funds EFSF and ESM to be tapped by Spain and Italy in order to help recap their struggling banks.Though there is positivity in the international markets for now, the key point to be noticed here is that how long will this Bull Run sustain. There is an epic battle going on in the euro zone to put Europe on a course of stability, discipline and growth but what would be end result of this summit still remains uncertain which casts shadow over the future of this single currency.The below graph shows the intraday movement of EURUSD since yesterday.
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