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Bloomberg has reported that the currency rose by 0.2 per cent today (May 12th 2011), taking it to $1.4213 as of 08:23 GMT in London.
This is good news after it declined yesterday (May 11th) to $1.4172.
Junichi Ishikawa, Tokyo-based market analyst at IG Markets Securities, stated that the "economic data in the euro-zone have been strong".
"The underlying theme is rate differentials, which is a supportive factor for the euro," it was added.
Yesterday's decline is thought to have been the result of the deficit concerns of Greece after Standard & Poor reduced its credit rating earlier this week.
The euro could still face further problems despite this rise today as Bloomberg reported that there could be a similar recession to Greece's in Portugal.
This is because it has seen data that suggest its economy shrank by 0.3 per cent during the first three months of the year.
Posted by Chris Weaver
