Euro edges up after sinking on ECB move on Greece

Frankfurt (Feb 5) The euro inched up on Thursday on strong German data, clawing back some of the ground it lost the previous day after the European Central Bank said it would no longer accept Greek bonds in return for funding.

The ECB's surprise announcement late on Wednesday, which means the Greek central bank will have to provide the country's lenders with tens of billions of euros of emergency liquidity in coming weeks, knocked the euro down almost two cents to $1.1304 in Asian trading.

The currency later regained some ground to trade at $1.1366, up 0.3 percent from late U.S. trade but well below an almost two-week peak of $1.1534 set on Tuesday during a short-covering rally.

The single currency was lifted on Thursday by data showing German industrial orders surged far more than forecast in December, hitting their highest level since April 2008.

The ECB's announcement came after Greece's new Finance Minister Yanis Varoufakis emerged from a meeting with ECB President Mario Draghi saying the ECB would do "whatever it takes" to support member states such as Greece.

Souce: CNBC