Futures Market News
Euro climbs against greenback after English newspaper publishes report about rescue fund
Oct 18, 2011 04:47 PM
The single currency of the European Union recouped some losses Tuesday against the U.S. dollar, MarketWatch reports.
The publication states a report published by The Guardian noting the euro zone's two top economic powers' agreement to establish a rescue fund of 2 trillion euros is the catalyst for the shared currency's climb on Tuesday.
"We are all reacting to headlines - every new headline triggers another move. There is so much uncertainty it's difficult to navigate," chief investment officer Jack Ablin with Harris Private Bank told The Guardian.
The development comes as euro zone finance ministers are preparing for this weekend's summit. Germany and France, the top and second largest economies in the European Union, are hopeful that the ministers hold a favorable view of the plan they have devised.
While the report in the English publication spawned a wave of confidence for the common currency, the move comes in the aftermath of credit rating agency Moody's Investors Service putting France on notice that its credit rating is under review because of French banks' exposure to risk of the sovereign debt crisis.
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