19 Nov '11, 12am

Euro edges up against US dollar amid eurozone discord

NEW YORK: The euro edged up against the US dollar on Friday despite new open EU discord over how to muster funds to strengthen the eurozone against contagion. The euro picked up to $1.3519 from $1.3457 late Thursday, after having jumped as high as $1.3614. The euro also pushed up to 104.00 Japanese yen from 103.60 yen, while the dollar lost to 76.93 yen from 76.98 on Thursday. While there were some encouraging signs from Greece and Italy on political acceptance of austerity programs, European Central Bank chief Mario Draghi's blunt rebuff to suggestions that the ECB can supply rescue funds for the eurozone added a new layer of risk in the markets. Draghi called on Europe's leaders to follow through with their own plans to raise more money for the EU emergency fund instead - a plan of weeks ago that appeared to have hit a wall. With a comprehensive deal to protect the euroz...

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

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