The euro rose against dollar again

[gnutrade.satya]

The euro rose after Japan said it may buy about a fifth of the bonds a European rescue fund plans to sell later this month to finance its bailout scheme for Ireland. Many market players were expressing their views that the euro could easily return to its current downtrend given mounting worries over this week's heavy schedule of debt offers by southern European countries.
Todd Elmer, currency strategist for Citi in Singapore said: "I don't think these comments change the backdrop for the euro at all. Despite the fact that we're seeing this groundswell of international support, it doesn't really change or address the underlying problem and that's not going to change until the European authorities themselves come up with a more comprehensive solution to mitigate the fallout from the debt crisis."