Euro treads water as Jean-Claude Juncker announces exit
City Index December 4, 2012 5:15 PM
<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.
Learn about the currency markets and find forex trading tips at City Index.
StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.