Euro steadies near 4-month high after German ruling

The euro held near a four-month high on Thursday after Germany's Constitutional Court gave the green light for Berlin to ratify the euro zone's permanent rescue fund, looking to extend gains further on possible stimulus from the U.S. Federal Reserve.

The euro changed hands at $1.2919 in Asian trade, up slightly from late U.S. levels and near four-month highs of $1.2937 hit a few hours after the German Constitutional Court's ruling on Wednesday.

The court said the German parliament should be given veto rights over any increase in Germany's current contribution of 190 billion euro, but the conditions it spelled out were less onerous than some had feared.

With expectations of the European Central Bank's bond buying plan helping to reduce borrowing costs of Spain and Italy, market players' perceived risk of a major crisis in the currency bloc is receding, prompting buy-back in the euro.

Read Full Article from Reuters

- Posted: 2012-09-12 23:05:49

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