Apr 3
Euro Strengthens Related Speculation ECB Week Three
Monday, 04 July 2011 05:44

The euro rose to its highest level three weeks against the dollar and the yen related to speculation the European Central Bank (ECB) will raise interest rates this week.

The euro gained against 13 of the 16 other major currencies after European finance ministers are authorized to loan 8.7 billion euros ($ 12.7 billion) to Greece in mid-July. Thai baht rose to a high level one week after the election victory by the allies of Prime Minister Thaksin Shinawatra. Meanwhile, the yen slipped against most other major currencies traded yag related to weak demand for the Japanese currency as a refuge.

The euro strengthened to $ 1.4556 by 9:51 am in Tokyo from $ 1.4526 in New York on July 1, after reaching $ 1.4578, its highest since June 9. The euro gained to 117.62 yen from 117.42 level. From earlier touching 117.74 yen, its highest since June 8. Yen at 80.81 per dollar from 80.83.

According to 54 economists surveyed by Bloomberg, the ECB will raise interest rates to 1.5 percent from 1.25 percent on July 7. European officials agreed on July 2 to make a payout to Greece after the country's parliament passed austerity measures.



0 #1 elizabeth 2013-10-13 14:06
Euro is best currency which get us profits