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Mid-Day Report: Euro Lower as Markets Disappointed by EU Summit
Euro dips mildly as markets are disappointed by the lack of concrete agreements from the EU highly touted EU summit. Domestic political considerations in Finland and Germany are believed to be factors that delayed finalization of the details of a plan to boost the lending capacity of the EFSF to June. Small change regarding the ESM were made while the "Euro-Plus Pact", a watered-down version of the controversial "competitiveness pact" pushed by Germany and France, was also agreed. But nothing more. Nevertheless remains in range against the greenback and is also firm against sterling and swiss franc so far.
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