Euro treads water as Jean-Claude Juncker announces exit

<p>The euro has remained largely stable in forex trading as Jean-Claude Juncker announces he will step down as head of the Eurogroup.</p>

The euro is treading water on forex markets this morning (December 4th), as Eurogroup boss Jean-Claude Juncker announced he is to step down as head of the organisation in December.

Mr Juncker has led the committee of finance ministers from the 17 member states of the singer currency bloc since 2005 and his announcement has not come as a surprise.

Likely candidates for replacing the decision-maker – who is also the prime minister of Luxembourg – are German finance minister Wolfgang Schaeuble and French finance minister Pierre Moscovici, who have both played prominent roles in Eurogroup meetings throughout the sovereign debt crisis.

It is not yet clear who will succeed Mr Juncker, but it is probable his replacement will come from one of the eurozone's larger economies.

At 11:20 GMT, the euro appreciated by 0.1 per cent against the dollar to €1 buying $1.307, while it was steady versus the pound at £0.811.

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