The Euro finally found a bit of respite after the short-term players' buyback but the gains were not significant enough as it still remained close to the nine-month low against the dollar. The meeting of euro zone finance ministers failed to bring in any kind of confidence about the matter of Greece's debt problems. There seems to be no ray of hope in the near future for these problems.

Higher-yielding currencies such as the Australian and New Zealand dollars also played a vital role in the slight rise of euro. Most Traders believed the market will be watching out for Greece. Two lots of more than 8 billion euros of government bonds are to be refinanced in April and May. Even as the pressure on Greek credit spreads eased a bit after the EU announcement, the problems on Greece and the way they had to be resolved are an illustration that the limits of the euro construction are under test.

The currency had fallen by 10% since late 2009. The market still seems to be heavy on euro baring a few short term players who are considering buyback and are the only support for euro currently.

A decent close of the US stock markets helped to give the single currency some downside protection, too. EUR/USD closed the session at 1.3632 compared to 1.3693.