Its christmas as euro finally moves up

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Euro gives a little Ground

The Euro advanced against its major peers yesterday, as traders breathed a sigh of relief after data indicated that Euro zone inflation accelerated for April, thereby pacifying concerns of a potential deflation in the Euro zone, especially after the latest CPI reading from Germany offered alarming signals. Against this backdrop, the ECB is widely seen to be pursuing its “wait and watch” approach in next week’s monetary policy meeting. Additionally, the Spanish economy grew at the fastest pace in six years, further reflecting the considerable change in the region’s overall economic environment. However, labour market woes and prospects of deflation in the region pose serious challenges to the nascent signs of recovery.

In a noteworthy development, the IMF board approved a two-year, $17 billion emergency aid for Ukraine to avoid a collapse of its economy.

In today’s trading session, the common currency has lost ground, as most European markets are closed today in the wake of a holiday for Labour Day. There has been a welcome slide versus the pound, following some robust sterling data this morning. Euro buyers take note.

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Its christmas as euro finally moves up

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