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Euro Advances Toward Two-Week High Against Dollar Before EU Ministers Meet

Monday, 23 January 2012 | 12:48
The euro strengthened toward a two- week high against the dollar before European officials meet to push ahead with plans to tackle the region’s debt crisis.
The 17-nation currency also gained against the yen before European Union finance ministers gather in Brussels to discuss a Greek debt swap, new budget rules and a financial firewall to protect indebted states. The Australian and New Zealand dollars gained as speculation reports will show the U.S. economy is gaining momentum increased demand for higher-yielding assets. The franc touched a four-month high against the euro, testing the currency floor imposed by the Swiss National Bank.
“We have seen risk appetite move sharply higher which is helping the euro with markets seemingly attempting to take a more positive tone on Greece providing some impetus,” said Jeremy Stretch, head of currency strategy at Canadian Imperial Bank of Commerce in London. “It looks likely that a deal will be cobbled together but the hurdles have got higher.”
The euro gained 0.3 percent to $1.2973 at 10:55 a.m. London time, after reached $1.2986 on Jan. 20, the highest level since Jan. 4. The common currency appreciated added 0.2 percent to 99.80 yen. The dollar dropped 0.1 percent to 76.92 yen.
Source: Bloomberg
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