Euro rallies broadly as traders trim bearish bets

The euro rose broadly on Monday as gains in global stock markets lifted risk appetite and prompted traders to pare back bets against the single euro-zone currency.

The euro moved further away from a recent four-year low to trade above $1.2250 -- its highest in more than a week. Stronger-than-expected euro zone industrial output further boosted the currency. For details, see [ID:nLDE65D0YC]

European equity markets .FTEU3 touched a four-week high and U.S. stock futures gained SPc2, following rises in Asia.

Despite Monday's bounce, analysts cautioned that the euro's downtrend remained intact as concerns about the banking sector and the structural problems in the euro zone are likely to persist for some time.

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- Posted: 2010-06-14 10:38:44

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