By ForexYard – The euro rallied against most of the major currencies on Monday morning. The euro’s most notable bullish move took place against the U.S. dollar, as the euro gained over 100 pips during this morning’s trading session. The EUR/USD pair is now trading near the 1.3740 level.
The euro gained today after Ireland sought an international bailout to prevail its debt crisis. Analysts estimate that the rescue package will total 95 billion euros ($130 billion). It now seems that investors will be looking for the specific details on how creditors will be treated in any burden sharing among bank stakeholders in order to reset their positions.
Looking ahead, traders are advised to follow the speech by European Central Bank Jean-Claude Trichet, which is scheduled for 16:00 GMT. Trichet is likely to discuss the Ireland aid plan, and heavy volatility might be observed during his speech.
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