The euro pulled away from near record lows against the dollar on Tuesday as speculation of an imminent bail-out for Greece squeezed short positions built up against the single currency. Speculation that EU leaders would agree support measures for Greece at their Thursday summit was fuelled by news that Jean-Claude Trichet, ECB president, would leave a meeting in Sydney a day early to attend the EU gathering. The euro hit an eight-month low of $1.3583 last Friday, as data showed that speculators had built the largest ever short position against the single currency.

This entry was posted by Gwen Robinson on Wednesday, February 10th, 2010 at 5:19 and is featured in The 6am Cut London (10 Feb 2010) . Tagged with ecb, eu, eurozone, Greece. Edit this entry.