The euro continued to rise against the dollar for the second consecutive day Tuesday as deficit management solutions for a number of European countries were discussed.
The Euro has fallen roughly 5 percent in 2010 in response to anxiety over deficits in Greece, Portugal and Spain but was up to $1.3775 late Tuesday from $1.3671 on Monday. During last weeks trading, the euro fell to its lowest level since May at $1.3586.
Thursday, European Central Bank President Jean-Claude Trichet shifted plans in order to attend a EU meeting to discuss the state of Greece while the struggling nation began implementing budget cuts and reforms to revise formerly toxic policies.
A statement on the future of the Grecian debt crisis will occur following Thursday’s meeting. European leaders have a good deal of faith in Trichet’s ability to assuage the problems, helping the Euro back to its feet.
Still, the currency is expected to continue to slide until doubts regarding the European capacity to handle the deficits have been quieted.
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