The Euro is quoting around 1.3071 against the US dollar right now,. Recovering modestly after falling near 1.3000 levels yesterday as a generous wave of risk appetite in world markets curbed the demand for the greenback. Much of the extended downside the single currency had occurred as trader sold the Euro on rumors of a downgrade in French sovereign ratings. However, the rating agencies seem to have decided to take a pause as markets enter into the year end lull and with no such downgrade in sight, the single currency altered the course today. Currency markets also focused upon the fact that the latest retreat in the Euro, which pulled it down from highs above 1.3200 to near 1.3000 mark, had taken place even as the equity markets managed to extend their Christmas rally. Much of the Asian equities are trading in green. US stocks climbed with the S&P 500 extending gains into a third day, after weekly jobless claims fell to a multi-year low and consumer sentiment rose in December. The US initial jobless claims for unemployment benefits last week declined to 364,000, the lowest level since April 2008. The conference Board's index of leading economic indicators rose 0.5% in November after a 0.9% rise the month before. Read more on leading indicators. Further, the Thomson Reuters/University of Michigan's final reading of consumer sentiment rose to 69.9 in December from 64.1 at the end of last month. The Euro had hit a one-week high near 1.3200 on Wednesday. The single currency is down 9% in last seven weeks.

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