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Euro at 3-Week High Vs Dollar by Kevin Baker
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Euro at 3-Week High Vs Dollar |
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Business News
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When the foreign exchange rate of the world’s second most traded currency rose to $1.4407, the highest in three weeks, Germany considered dropping its demand for an early rescheduling of Greek bonds in order to facilitate a new package of aid loans for the heavily-indebted Greece. This high performance of euro also gave the European Union confidence to draft a second bailout package to Greece and to release the vital loans next month. Furthermore, it was believed that the euro’s next rate is $1.45. European shares were also expected to open higher, with financial spread-betters calling Britain's FTSE 100, Germany's DAX and France's CAC-40 to open up 0.7% - 0.8%. Valentin Marinov, currency strategist at Citi, told Reuters: "I would fade this rally in the euro for now. Investors will be looking for a more lasting resolution to the Greek debt problems and our economists haven't ruled out the possibility of a voluntary restructuring involving private bondholders." Teppei Ino, a currency analyst at Bank of Tokyo-Mitsubishi UFJ, told Yahoo that adding the market could focus on upcoming U.S. data releases. Yahoo quoted Ino: "The euro zone problems appear to be subsiding for now. Or putting it another way, the market appears to have stopped looking at them as a factor for now." Meanwhile, the euro held steady against the Japan’s yen at 117.37. On Tuesday, it reached at 117.80 yen, which is its highest since early May. Japanese shares rose data signifying that industrial activity has begun to recover from the disastrous March earthquake. With this performance of euro, data showed pessimism among consumers and a slowdown in regional manufacturing. This is raising concerns that the U.S. economy's soft patch could be prolonged. ______________________________________________________________________________ New Media Services, the new standard in information services and mobile entertainment provides easy-to-integrate services for any and all campaigns for maximum coverage. From applications and services via Web, to Mobile entertainment, all the way to Design services, New Media Services is your “Go-To Company”. Visit us at www.newmediaservices.com.au or email us via info@newmediaservices.com.au.
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