18 Oct '11, 10pm

Euro surges after report on eurozone fund

NEW YORK: The euro leaped against the dollar on Tuesday, after a British newspaper reported France and Germany had agreed to a fivefold increase in the eurozone rescue fund's firepower and the recapitalisation of Europe's banks. The euro was traded at $1.3752 around 2100 GMT, up from $1.3734 at the same time on Monday. The euro also advanced against the Japanese currency, to 105.66 yen compared with 105.51 yen late Monday. The dollar edged down to 76.81 yen from 76.82 yen. The common European currency got a lift after The Guardian reported on its website that the leaders of France and Germany have agreed to boost the eurozone rescue fund, the European Financial Stability Facility, to more than two trillion euros ($2.7 trillion), from its current 440 billion euro lending capacity. The Guardian also reported the eurozone's two biggest economies have agreed that Europe's bank...

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

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