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Evident over the last few days has been some consistent buying interest in the single currency. After looking like death at the start of the week, down near 1.26 in response to the S&P sovereign downgrades and collapse of the Greek debt talks, the euro has gradually edged higher and this morning is not far from 1.29. Sovereign wealth funds have been on the bid recently, as have various traders who are becoming frustrated that their short positions are not delivering the goods. News from the IMF that it is likely to push for an additional USD 600bln of contributions, and a suggestion from a German newspaper that the next Merkozy meeting will float the idea of a eurozone growth and competitiveness pact, have both helped the tone. It is just possible that the worm is turning for the euro, at least in the near term.
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- The euro’s slow grind higher
