FXstreet.com (Barcelona) - The Euro has been boosted by a press report suggesting that the IMF was working on a rescue package for Italy, despite denials from the IMF, and upbeat headlines about France's and Germany's commitment to reach a deal to tackle the debt crisis, says the Wells Fargo Bank, who observes a few positive mid-term scenarios for the Euro.

The current recovery seems corrective, says the Wells Fargo Bank, although there are a few positive scenarios for the Euro: "In our view, that bounce remains largely corrective however, as we believe there are few positive medium-term scenarios for the single currency going forward. At the same time, we would also wait for more decisive policy steps from European leaders, and in particular the ECB, before the commodity and emerging currencies can achieve a more sustainable recovery."