The European sovereign debt crisis continues to have major effects upon the trading market, causing the evolution of most of the major currency to fluctuate a lot based on the fluctuations of the trading sentiment.
The most affected currency is probably the Euro, which has finished another bad week. Friday, the Euro rallied a little, but did not have much strength. This rally has been the result of the European Union summit which has brought European politicians together in a new attempt of trying to find solutions to the sovereign debt crisis. This summit has actually brought some solid decisions such as the leverage for the European Financial Stability Facility which “will be rapidly deployed” and implemented by the month of July 2012 by the means of €200 billion which will be provided by the International Monetary Fund. This news has caused the enthusiasm of traders, but the currency did not manage to sustain a long rally. Read more »