Euro recovers after decline yesterday

02-18-2008 15:16

Some regional banks showed moderate results for the last quarter of 2008 today as the European currency gained modestly against the main currencies. The Commerzbank AG and the Dutch ING Groep NV reported better results in the fourth quarter of 2008 than most estimates showed, which surprised market analysts. The euro was also stimulated by the yesterday’s EW Economic Sentiment and Eurozone trade balance reports, which proved to be better than expected.

Temporary revitalization

Market analysts consider the present improvement as a temporary recovery, due to the current conditions, and they don’t expect the euro to increase considerably against the Japanese yen or the US dollar. The British pound also continues its weaknesses and it may decline against the euro in a real trend, not like the other currencies which are more certain.