13 Jan '11, 10pm

Euro surges against US dollar after positive debt sales

NEW YORK: The euro pushed higher against the dollar on Thursday after new debt auctions by Spain and Italy burnished Europe's economic outlook and the European Central Bank made hawkish comments on inflation. The euro rose to 1.3358 in New York trading at 2200 GMT, from $1.3128 a day earlier. The dollar also lost ground against the Japanese currency, buying 82.79 yen, from 82.98 yen on Wednesday. "The clouds over the eurozone appear to be lifting, at least for the time being," said Rabobank analyst Jane Foley. "Both the Spanish and Italian auctions attracted decent demand," she said. "That does not mean to say that the market won't be worried about the next round of supply from the periphery. Portugal has huge redemptions in April, meaning that a bailout could well come ahead of them." The euro also got help from comments by ECB president Jean-Claude Trichet that they will...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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