Euro Rises To Two-Month High Vs Dollar, Nears $1.36 |
| Wall Street Journal - Jan 21, 2011 |
The euro rose to a two-month high against the dollar Friday, knocking on the door of the psychologically key $1.36 mark, as a reading of German business sentiment soared to its strongest-ever level.
Gains in U.S. stocks, propelled by strong corporate earnings, helped the euro and other riskier currencies keep a buoyant tone.
"The vibe in the market is investors and traders are much more optimistic," said Kathy Lien, director of currency research at GFT Forex in New York.
After a key reading of German business sentiment came in at its strongest-ever level, "the market's really happy about the fact that the core [of the euro zone] is still supporting the rest of the periphery countries," which struggle under the weight of stressed sovereign debt, she said.
The common currency marched above the $1.3550 mark to reach its strongest level since Nov. 23 on the back of the strong and better-than-expected January confidence reading posted by the research institute Ifo. By late morning trading, the common currency was within striking distance of $1.36, trading at $1.3585 from $1.3473 late Thursday, according to EBS via CQG.
Read Full Article from Wall Street Journal
- Posted: 2011-01-21 11:09:52
| More Stock Investor Place Top Stories |
 |
|
|
|
| Stock Investor Place Top Stories Archive |
|
|
|
