09 Feb '11, 11pm

Euro gains on US dollar, tops US$1.37

NEW YORK: The euro gained against the dollar on Wednesday, rising past the $1.37 point, as the US Federal Reserve chief warned of continuing weakness in the economy and downplayed inflation threats. In New York trade at 2200 GMT, the euro was at $1.3727 compared with $1.3621 at the same time Tuesday. The dollar traded slightly higher against the yen, changing hands at 82.35 yen, up from 82.31 a day earlier. The market took some cues from US central banker Ben Bernanke's fending off criticisms from lawmakers that rising prices were a clear danger to the economic recovery. "Overall inflation is still quite low and longer-term inflation expectations have remained stable," Bernanke said in testimony to a House of Representatives panel. Bernanke said the Federal Reserve would be "exceptionally vigilant" about rising prices, but that it would also consider pumping more money int...

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

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