Euro hits 8 week high against the Dollar

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The Euro has bucked the trend of depreciation after hitting an 8-week high against the dollar.

The latest figures from the Foreign Exchange Dealer HiFX show that whilst the euro was relatively weak following the Euro-zone debt crisis, it is now beginning to creep back up again.

"The Euro has staged yet another impressive recovery against some of its major counterparts over the last four weeks, proving that whilst it may be down, it's far from out,” commented Andy Scott from HiFX.

“The single currency, which continues to face critics who say it is destined to collapse any day has clocked up gains of 5% against the US Dollar and the Japanese Yen since hitting multi-month lows last month.”

Many investors might remain cautions of any Euro rallies until the Italian government stabilise their borrowing costs. Greece is also proving to be a difficult venture for potential investors, even though the country looks closer to approving austerity measures to prevent future defaults.

The euro reached a high of $1.3271, which is the highest level since 12th December and could continue to rise.

It is not all positive though, as the euro continues to trade at an all time low, according to the HiFX.

The currency has struggled to recover from the debt crisis last year and remains weak against neighboring currencies such as the pound and the krona.

The dollar has suffered recently and the pound has been higher against the American currency for four consecutive weeks up to 26th January.

Transferring money to the Euro-zone

If you are looking to invest in the Euro-zone, think carefully about how you will be transferring money to the Euro-zone. Foreign currency exchange rates quoted by banks are almost always worse than the exchange rates available through specialist currency dealers.

So if you are looking to send money overseas, to the Euro-zone for example – which you will inevitably have to do if you are looking to make a property investment - be sure to compare the market before you buy your overseas currency.

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Euro hits 8 week high against the Dollar

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