The euro rose the most this week against the greenback in more than a year as an easing in concern over Europe’s debt crisis spurred traders to end bets the shared shared currency would decline.
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The euro “is a very credible currency,” European Central Bank President Jean-Claude Trichet said Thursday at his monthly news conference in Frankfurt.
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The world’s biggest expected swings in foreign-exchange markets and the euro’s record depreciation are prompting Asian exporters to seek currency controls.
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Chirag Shah (name changed) checks out the currency rates in his business daily first thing before moving on to other sections. An unusual choice, considering that he is an equity trader by profession.
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Canada’s dollar rose the most in eight months on bets economic growth will fuel demand for the nation’s raw materials and Europe’s debt crisis spurred demand for currencies backed by relatively strong balance sheets.
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Thursday in early European deals, the European currency pared its Asian session gains against the US dollar and the Swiss franc, while recovered early losses against the British pound. The single currency extended its Asian session downtrend against the Japanese yen to hit a 9-day high during this time.
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The pound slumped to its lowest level against the US dollar in more than seven years on Tuesday as fears over the Government’s financial bail-out and UK debt gripped markets.
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Europe’s single currency has been a haven in recent financial storms. But as capital markets become more discriminating, it no longer affords shelter from reform.
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The pound posted its biggest weekly gain since the common currency’s debut in 1999, as the Bank of England slowed the pace of interest-rate cuts.
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The U.S. dollar rallied for a third straight session on Tuesday, boosted by more signs of economic weakness in the euro zone that could prompt its central bank to slash interest rates further.
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