Euro Rises Against Dollar, Yen Before ECB Bank-Loan Operation |
| BusinessWeek - Feb 28, 2012 |
The euro strengthened against the dollar and yen on speculation a European Central Bank allotment of three-year loans to banks tomorrow will bolster investor appetite for the region's assets.
The 17-nation currency earlier pared its gain against the greenback after Irish Prime Minister Enda Kenny said the nation will hold a referendum to ratify the European fiscal compact, raising concern about the measure's implementation. Higher- yielding currencies, led by Norway's krone, advanced after a U.S. report showed consumer confidence in the world's largest economy improved this month.
“The longer-term refinancing operation is likely to loosen liquidity issues even more and the euro is consolidating ahead of what's likely to be a breakout above $1.35,” Jack Spitz, managing director of foreign exchange at National Bank of Canada in Toronto, said referring to the ECB loan program. “The market reaction by and large has been better toward the more positive implications on risk sentiment.”
Read Full Article from BusinessWeek
- Posted: 2012-02-28 14:33:47
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