The euro is the official currency of 16 of the 27 member states of the European Union (EU). The states, known collectively as the Eurozone, are: Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. The currency is also used in a further five European countries, with and without formal agreements and is consequently used daily by some 327 million Europeans.[2]

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Thursday, April 2, 2009

Euro Holds Gains Following Smaller-Than-Expected ECB Cut


(CEP News) - A smaller-than-expected ECB interest rate cut on Thursday morning has helped the euro move higher, but currency strategists are mixed as to whether the currency will see further gains in the short term.
EUR/USD shot to session highs at 1.3493 USD following the interest rate decision and just ahead of ECB President Jean-Claude Trichet's monthly press conference. However, the gains were relatively short-lived, as markets dragged the cross back below 1.34 USD.
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