Euro Falls Back as Short-Covery Drive Disappears

On Thursday, the Euro slipped 0.2% to $1.2134, but still staying above the two-year low of $1.2024. The Euro climbed on Wednesday as ECB Governing Council member Ewald Nowotny said he sees reasons for giving ESM a banking license that would expand its crisis-fighting possibilities. However, ECB President Mario Draghi denied the idea, while other legal problems might also prevent the process.