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An overall decline in the value of the single European currency was checked by gains as demand rose at the end of the first half of 2010, reports Reuters.
The downturn of sterling reinforced the trend, as weak growth in the UK property market combined with newly-announced fiscal consolidation measures to depress demand.
However, stock market fears regarding the end of European Central Bank support held back confidence in the euro, with some Forex traders arguing Wednesday's recovery is simply a blip in the overall downward drift, reveals the news source.
Single currency losses against the pound stand at four per cent as the month ends.
The euro has lost more than eight per cent so far in 2010 and June saw its worst four-weekly performance since January 2009.
Sterling has also made losses against the stronger dollar, while investors showed renewed interest in Asian currencies such as the yen.
Posted by Greg Secker
