European Union Summit Bolsters Euro

The euro gained today as the European leaders decided on the summit to increase the rescue funds to aid the indebted peripheral economies of the region.

The leaders of the European Unions have met on the two-daysummit in Brussels on March 11. They agreed to make the â‚¬440 billion rescue fund fully effective, removing previous restrictions. The policy makers also discussed the measures to improve the health of the European economy. These talks were preliminary and more thorough discussion will occur on the next meeting on March 24.

EUR/USD rose from 1.3937 to 1.3970 as of 11:41 GMT today after falling earlier to 1.3904.

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