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Why did the Euro appreciate so much around 9am(EST) today(8/19/09)?

over 4 years ago

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I think the EUR rallied as risk tolerance surged on account of the IMF announcing that the global recession has finally come to an end. Also, a Goldman Sachs economist claimed that the US has emerged out of the recession, thus boosting investor confidence. As a result, demand for higher-yielding assets and currencies (such as the EUR) rose. This EUR jumped by more than 100 pips even as Germany reported a massive drop in producer prices and even if the euro zone's current account deficit widened considerably. This shows that risk appetite was exceptionally strong today...

over 4 years ago

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