Euro rallies on the back of ECB speech

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Until Thursday morning it was looking like business as usual for the euro. Weak Euroland purchasing managers' index readings, a negative outlook for Germany's AAA credit rating, lack of demand for Spanish government debt; none of them helped the single currency.

That all changed on Thursday when the head of the European Central Bank said in a speech that "the ECB is ready to do whatever it takes to preserve the euro. And believe me, it will be enough." His fighting talk was backed up by the leaders of France and Germany, who were "determined to do everything to protect the eurozone".

The euro strengthened on the back of this new determination. Investors are expecting dramatic action from the ECB when its Governing Council meets on Thursday, presumably the buying of Spanish government debt . Until then, investors will probably want to keep their powder dry.

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Euro rallies on the back of ECB speech

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