04 March 2010

Euro Rises on Greek Plans

Euro selling eased slightly in the foreign exchange market late last night - hooray! Thanks to a new plan to reduce deficit announced by Greece, investors were able to re-introduce a small amount of risk appetite.

As protesters and demonstrators took to the streets in Athens to battle the austerity plans (including a rise of VAT from 19% to 21%), international investors became ever so slightly more relaxed in relation to the euro.

The euro wasn't able to gain against the pound, due to the latter's advances following positive UK data.

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