25 Jan '11, 11pm

Euro passes US$1.37 for first time since November

NEW YORK: The euro rose past $1.37 for the first time since November in trading on Tuesday but the greenback moved up against the pound, hit by news of an unexpected contraction in the British economy at the end of 2010. At 2200 GMT the euro had dropped back from its high of $1.3703 to trade at $1.3682, up from $1.3635 on Monday. The dollar lost ground against the yen, trading at 82.18 yen against 82.48 yen a day earlier. The dollar fell to 0.9416 Swiss francs from 0.9478. But the greenback picked up against sterling, which weakened on the news of Britain's sagging economy, The British pound fetched $1.5814 compared to $1.5988 the day before. The greater confidence in the eurozone's ability to manage the heavy debts of its worst economies continued to support the euro. The European Financial Stability Facility launched a landmark five-year bond auction worth five billion e...

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

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