Euro recovers from two-month low

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Having said so, the positive uptrend may not last in the long run. The reasons for being pessimistic are facts like predictability about Spain’s bailout, delay over granting Greek aid and fears of a U.S. fiscal cliff.

In spite of the fact that, Greece’s international lenders offered the country more time to prepare its budget, they are yet to pay out the aid Greece had hoped to utilize to refinance the 5 billion euros.

According to a German newspaper report, Germany is in the view that they will bundle Greek aid into a single payment of in excess of 44 billion euros.  As of 2:21 p.m. EST, EUR is traded against USD at 1.2710:1. At one stage, the Euro dropped to $1.2660 which is its lowest since September 7.

There is still a little hope left for further Euro gains especially if Spain asks for a bailout with a view to lower its borrowing costs.

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