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Wall Street Turning Bullish on Euro?

For the first time in months, Wall Street trading desks are turning more bullish on the Euro and not betting against the currency, according to people familiar with the matter.

Euro
Euro

Some think the Euro could go to $1.30 by the end of the summer, if not sooner.

Last month, the Euro hit a four-year low by falling to $1.1876 against the dollar.

The currency has since gained momentem after Wednesday's announcement by the European Central Bank (ECB)that it would lend banks a lower-than-expected 131.9 billion euros ($161.4 billion) at its 3-month lending auction.

This suggests that banks' cash needs may be easing despite worries about the European sovereign debt crisis.

The Euro was first introduced on 1999. Since that time 16 member states now use the euro as their currency— Belgium, Germany, Ireland, Greece, Spain, France, Italy, Cyprus, Luxembourg, Malta, The Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland.

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