Euro Recovers to Gain Back Recent Losses

The euro gained back some if its recent losses against the dollar today, rising to 1.4768 dollars in London from yesterday’s close in New York of 1.4668. Investors remain cautious however, over concerns that the credit crisis in Dubai – and a similar situation pending in Greece – could yet knock the pins out from under the euro.

“Selling pressure on the euro has come to a break for now following massive selling against the dollar and the yen overnight,” said Chuo Mitsui Trust currency analyst Yosuke Hosokawa.

“But bad news surrounding the euro, including the Dubai crisis and a downgrade for Greece, has yet to come to an end,” Hosokawa said.

AFP News

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