Euro gains on hopes
The euro rebounded on one-year low and gained back a part of the loss as the aid package for Greece has too be finished soon. In addition a better then expected Euro zone economic sentiment data contributed to the rise as well. However gains seem to be limited, because the details of the timing and the way of implementation of the package are still not clear. European Union Economic and Monetary Affairs Commissioner Olli Rehn said “Any rallies are proving to be short-lived because details are still thin on the ground. The market’s hopes are built up when a press conference is announced then they are dashed again when there is no new information.” He also said, discussions about the details of the bailout plan should take place „within days”.
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