Euro Gains vs Dollar, Yen on ECB Expectations |
| CNBC.com - Jul 31, 2012 |
The euro edged higher against the dollar and yen on Tuesday on expectations the European Central Bank may take further actions to help contain the debt crisis later this week.
Expectations that the ECB may lower interest rates in the near term saw the euro hit a record low against the higher-yielding Australian dollar. The Aussie was also buoyed by comments from Chinese premier Wen Jiabao that China would fine-tune policy to support economic growth.
The single currency [EUR=X 1.2289 0.0029 (+0.24%) ] was up 0.37 percent against the dollar to $1.2305, but well below the high of $1.2390 hit last Friday. Traders said the euro moved higher due to buying by sovereign investors in the euro/sterling and euro/Swiss franc currency pairs, probably to meet month-end requirements.
That led to some to pare bets on euro weakness. Traders cited strong offers to sell the currency above $1.2300 while bids were layered below $1.2250 and stop losses at $1.2220.
Read Full Article from CNBC.com
- Posted: 2012-07-31 14:19:29
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