Euro Jumps Significantly Against Dollar

Frankfurt (December 28)  The European Union common currency has touched a new high this year against USD after strong hopes of economic recovery in major European economies. The Euro has recently jumped quite smartly against the US dollar.
Euro has gained strength in past two months of current year. From a low of 1.28 to USD, Euro is heading to close year 2013 around 1.38 levels compared to USD. As the banks adjusted positions for the year end, while the yen hit five-year lows for a second straight session.

On the other hand, yen, for a second consecutive session has hit approximately five years low, according to market sources.

Sources have revealed that The European Central Bank is looking forward to take a snapshot of the capital positions of the region's banks. This has been scheduled at the end of the year 2013 and will be done for an asset-quality review (AQR).

It has been revealed by the sources that this will be done in order to work out a plan, which will reveal that which of banks will need fresh funds. The upcoming review has been able to create some demand for Euros to help shore up the banks.