Euro Rises for Second Day on Speculation Short Traders Exiting

The euro rose against the dollar for a second day on speculation investors betting on a drop in the currency were forced to exit their trades as European sovereign- debt concern eased.

The 16-nation currency pared its sixth straight monthly drop against the dollar as the Stoxx Europe 600 Index climbed for a third straight day. South Korea’s won rose as overseas investors added to holdings of the nation’s shares. The pound fell versus the euro as the U.K.’s consumer confidence fell to a five-month low.

“The downside move in the euro is flagging as some short sellers lick their wounds,” said Gavin Friend, a markets strategist at National Australia Bank in London. “From a technical point of view, the biggest risk for euro-dollar is to the upside.”

Read Full Article from BusinessWeek

- Posted: 2010-05-28 09:37:01

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