The common European currency remains the world’s 2nd currency. However, the continued eurozone crisis undermines the trust in it, the ECB’s report says.
During the recent conference in Frankfurt it was reported that the Euro share in the currency reserves of central banks around the globe decline insignificantly, only down to 25% against last year’s 25.4%.
Central banks didn’t abandon the Euro despite the eurozone crisis. However, the countries of Central and Eastern Europe showed a decline in euro transactions.
The US Dollar share in global currency reserves declined only by 1% down to 62.15 in late 2011.
Nevertheless, the US Dollar remains the world’s number one despite the huge US trade balance deficit.
According to , the Euro futures contract broke out of the price range, thus indicating its further intensions.
The closest major levels of support and resistance are 1.2230 and 1.2265 correspondingly.
