Futures Market News
Measured optimism for the euro ahead of talks
Oct 21, 2011 10:56 AM
Growing optimism in talks about the European debt crisis continue to bolster the region's common currency, though uncertainty remains.
After slumping throughout much of the summer as euro zone leaders struggled to contain the Greek debt crisis, the euro had been gaining in recent weeks on commitments by the region's two largest economies, Germany and France.
Trends began to reverse as the concerns grew that Eureopean leaders would not reach an agreement, but the release of a draft proposal Thursday eased some of those worries and Bloomberg reports the euro continued to climb against the dollar and yen on Friday. However, the Swiss franc hit its highest value against the euro in two weeks.
European leaders told Bloomberg that the upcoming negotiations, with meetings planned on Sunday and Wednesday, could prove difficult with major differences still remaining, including disagreements between France and Germany on the role of the European Central Bank in the resolution.
"The situation is serious," Dutch Finance Minister Jan Kees de Jager told Bloomberg. "We really need to step up efforts, make extra reforms, extra cuts and strict agreements on budgets."
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