18 Feb '11, 11pm

Euro up as ECB toughens inflation stance

NEW YORK: The euro rose against the US dollar for the fourth straight session on Friday, after a top ECB official hinted that an interest rate rise could be in the pipeline and amid better-than-expected data. European Central Bank board member Lorenzo Bini Smaghi suggested policy makers were honing in on the inflation threat, raising the prospect of a rate rise that could draw investors to higher interest. "The euro's fortunes reversed on hawkish comments on inflation from an ECB policymaker, while Germany's producer price data also hinted at rising pipeline price pressures," said Nick Bennenbroek of Wells Fargo bank. At 2200 GMT the euro was up to $1.3691 from $1.3605 a day earlier and was up over a cent for the week. The yen also gained, the dollar buying 83.16 yen compared to 83.30 on Thursday, ending the week at about the same place it began. After little movement in t...

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

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