Weekly FX roundup: Euro sentiment remains fragile

30 November 2010

As was widely expected, the Irish bailout package details were finally announced this past Sunday. The release provided a short term boost to risk appetite, sending EURUSD up to 1.3354 from 1.3245, but since the initial reaction optimism has been waning. Overall, the deal was pretty much as expected with few real surprises. The €85bn rescue package will be funded with €17.5bn from Irish domestic resources including its sovereign wealth fund, and the remaining amount is being funded from the EFSM, the IMF, the EFSF and bilateral loans.

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