12 Oct '11, 10pm

Euro extends gains on Europe optimism

NEW YORK: The euro rose again on Wednesday, topping $1.38, as the market counted on European leaders to resolve the eurozone debt crisis and the European Union called for an "urgent" recapitalisation of banks. The euro was at $1.3788 around 2100 GMT, up from $1.3660 at the same time on Tuesday. During the session, the shared European currency hit $1.3833, its highest level since September 16. The euro also strengthened against the yen, trading at 106.52 yen compared with 104.52 late Tuesday. The dollar firmed sharply against the Japanese currency, to 77.24 yen from 76.66 yen. According to David Gilmore, an analyst at Foreign Exchange Analytics, the foreign-exchange market in the past several trading sessions has undergone a "massive position unwind" of bets that the euro would fall, notably by speculative funds. The market appears "a little bit more optimistic that Europe ...

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

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