Euro gives back gains, fills weekend gap

by Joe Oliver, Forex Trading-Pips

Euro currency gave back gains on Monday after gapping up early on in the Asia session. Initial optimism was fueled by reports of Spain’s request over the weekend for 100 billion euros ($125 billion) to rescue its banking system and better than expected Chinese data.

Traders have been increasing bets against the euro to record highs for a fifth straight session last week. Concerns remain high of contagion in the euro-zone and questions are being asked about Italy which holds 2 trillion euros of debt, the highest share of its economy after Japan and Greece.

EUR 60 minute bars

EUR 60 minute bars