Weekly FX roundup: Greece bailout activation prompts market relief

26 April 2010

The Euro closed 0.70% lower this past week at 1.3382 against the US Dollar. After earlier hitting a one year low at 1.3202 on Thursday, the pair recovered and rallied 1.21% during trading on Friday after Greece finally announced that they would formally request for the EU-IMF bailout package. After a week dominated by Greece concerns and spiralling sovereign CDS spreads across Europe, the long awaited news was largely expected, but it brought a breath of fresh risk sentiment into the markets with riskier currencies and equity markets the greatest benefactors to close out the week on a positive note.

A MEED Subscription...

Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.

Get Notifications