Following 3 consecutive days of losses, the Euro is once again down during early Friday trading, by about 0.16% against the US Dollar. The single currency broke the $1.11 level and the risk is still to the downside, following declarations yesterday by Olli Rehn, one of the leading figures in the European Central Bank governing council.
Mr Rehn indicated that the ECB will more than likely adopt new stimulus measures, when it meets in September, also stating that it is preferable to do too much than not enough. With Germany threatening a recession and a political storm brewing in Italy, the ECB is pledging to act as necessary to keep the Eurozone economy on the right track and this may mean more losses for the Euro.
