Euro Gains as EU & ECB Supports Currency

The comments of Germany’s Chancellor Angela Merkel about commitment of the European Union members to support the euro helped the currency to rise today.

Merkel said that Germany is ready to support the European currency and voiced her opinion that there is no problem with the euro itself, but rather with some EU members:

We don’t have a euro problem in Europe. We have more of a debt problem. Financial markets doubt whether some EU states can manage their debt in the long-term.

President of the European Central Bank
Jean-Claude Trichet said that the Bank “will continue to deliver price stability” and talked about necessity to allow the EU more rights in influencing the monetary policy of its members.

EUR/USD went up to 1.4438 from 1.4326 today as of 14:20 GMT following the advance to 1.4485. EUR/JPY rose to 116.89 from 115.98.

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