14 Jan '11, 11pm

Euro hits one-month high against US dollar after debt sales

NEW YORK: The euro picked up more ground against the US dollar on Friday, sustaining a five-day march upward on the back of cautiously renewed confidence in the European economy. The euro rose to $1.3382 in New York trading at 2200 GMT, from $1.3358 a day earlier. The dollar gained on the yen, however, rising to 82.94 yen against 82.79 yen on Thursday. The euro rose as far as $1.3457 on Friday, its highest level in a month, before pulling back slightly. The European currency's rise marked a strong week-long recovery from the close of $1.2912 last Friday, and came after a series of successful debt auctions by Spain, Italy and Portugal during the week. "The US dollar dropped sharply against the euro on the heels of strong sovereign debt auctions and rhetoric from the European Central Bank," said analyst David Rodriguez at trading site DailyFX. "A lull in market jitters over ...

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

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