FXstreet.com (Córdoba) - The US dollar is down against most foreign currencies and the euro is trading at a six week high, with today's European headlines providing a boost to market sentiment, according to the Wells Fargo team.
While a German lawmaker from Chancellor Merkel's party said it's possible that Greece may get concessions on its austerity program, a German ECB board member signaled his support for the proposed bond purchase program, boosting the euro.
"While today's euro advance has greater technical significance than some of the euro's previous moves, we still do not view the move as decisive", says Wells Fargo. "However, with the market's mood showing a slow but steady movement, our bias remains for a continued drift higher in the euro and other foreign currencies in the coming days and weeks".
While a German lawmaker from Chancellor Merkel's party said it's possible that Greece may get concessions on its austerity program, a German ECB board member signaled his support for the proposed bond purchase program, boosting the euro.
"While today's euro advance has greater technical significance than some of the euro's previous moves, we still do not view the move as decisive", says Wells Fargo. "However, with the market's mood showing a slow but steady movement, our bias remains for a continued drift higher in the euro and other foreign currencies in the coming days and weeks".
