Wall Street Journal
December 5, 2011
European policy makers hold the key to the euro's direction this coming week: Whether it rises or falls depends on the outcome of a meeting of leaders to address the debt crisis and a European Central Bank decision on interest rates.
U.S. economic data has been stronger than expected, which normally would give heart to investors, but the market remains focused on Europe. Coordinated action by the world's central banks to make dollars available to banks at a lower cost helped lower bond yields in Europe this week, allaying fear that national governments won't be able to fund themselves. The euro rose above $1.34 as a result, but on Friday, debt fears resurfaced, sending it lower again.
The common currency was at $1.3390 late on Friday, compared with $1.3462 on Thursday.
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