Euro gains as leaders declare ‘worst is over’

<p>The euro has appreciated in forex markets as leaders declare the threat to the single currency has been overcome.</p>

The euro has made gains in forex trading this morning (January 14th) as a number of European leaders have stated the worst of the eurozone debt crisis is finally over.

Bloomberg reports that several chiefs have declared they now have the upper hand and are concentrating their efforts on channelling a rebound in the financial markets towards a strong recovery.

On Friday, German finance minister Wolfgang Schaeuble said the 17-member single currency region is "over the worst of the crisis".

Furthermore, euro group leader and Luxembourg prime minister Jean-Claude Juncker recently stated: "The worst is probably over, but what we still have to do is difficult."

Last week, European Commission president Jose Manuel Barroso declared the single currency's future has been secured and the most significant threats to the euro have been "overcome".

Nevertheless, there are some commentators who are concerned about complacency and believe there are still major challenges ahead for the region.

At 09:50 GMT, the euro rose by 0.2 per cent in trading with the dollar and pound to €1 buying $1.337 and £0.829.

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