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The euro rallied over 1% against the US dollar to trade at $1.4432 by 3pm (London time).
EUR/USD had been trading in a sideways trajectory of $1.4264 to $1.4341 for most of the morning before bursting out in rally by around midday. The standard MACD on the daily chart has been showing bullish crossover, which usually suggests that EUR/USD is gearing up for an increase.
Meanwhile, ECB’s Yves Mersch told China Business News earlier today that ‘leaving the euro area is not an option for any member country’, while Germany’s BGA president Anton Boerner urged Angela Merkel and Nicolas Sarkozy to agree to introduce eurobonds at a meeting tomorrow. Without Eurobonds, there is a risk of a downward spiral leading to a worldwide depression, he said.
