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Euro strikes a course for recovery


HB FRANKFURT. The euro has continued its recovery course on Thursday and skipped the mark of $ 1.21. "The risk appetite of investors is growing again," said Helaba analyst Viola Stork. Investors showed their appreciation among other things, the strong demand for the issue of Spanish government bonds. In their view, the current increase is only temporary. In the longer term would be expected further losses.

The single currency climbed in the afternoon to up to $ 1.2131, down 1.5 U.S. cents above the previous day’s New York closing. At the beginning of the week, the currency was at times even less than $ 1.19 worth. Some stockbrokers attributed the strong gains on covering purchases of those investors, who had previously set to falling prices. Next target for the euro, an analyst called the mark of $ 1.2135. Should he overcome this major hurdle charttechnisch could be expected following purchases.

On the bond of the Bund futures, meanwhile, slipped by 54 ticks to 128.65 points from. "The attractive € charged something," said one market players. "The main reason for the losses but profit-taking. The statements by ECB President Jean-Claude Trichet have brought no new information." The European central bank chief at a press conference had emphasized, inter alia, the buying of government bonds would mean no change in monetary policy.