Euro Rallies Most in Month as Portugal’s Auction Demand Rises |
| Bloomberg - Jan 12, 2011 |
The euro rose the most versus the dollar in a month as Portugal’s borrowing costs fell at an auction and traders speculated European leaders are considering an expansion of aid for nations struggling with debt.
Australia’s dollar rose against its Canadian counterpart on bets its seven days of decline related to the South Pacific nation’s floods this week had gone too far. The 17-nation currency advanced above the 200-day moving average versus the dollar before Spanish and Italian debt auctions tomorrow and a meeting of euro-area finance ministers next week.
“We’ve seen a lot of leaks coming out discussing a potential increase in the size of the bailout fund that’s going to be allocated within Europe,” said George Davis, chief technical analyst for fixed income and currency strategy at Royal Bank of Canada in Toronto. “That has underpinned sentiment a bit. The fact that we’ve broken above the 200-day moving average has added to the upward momentum.”
Read Full Article from Bloomberg
- Posted: 2011-01-12 14:54:37
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