08 Dec '11, 12am

Euro firms vs. dollar ahead of EU summit

Euro firms vs. dollar ahead of EU summit

NEW YORK: The euro strengthened against the dollar in volatile trade Wednesday as the market awaited a crucial EU summit billed as a make-or-break chance to contain the eurozone debt crisis. The euro fetched $1.3413 around 2200 GMT, up from $1.3397 at the same time Tuesday. The dollar also weakened against the Japanese currency, falling to 77.65 yen from 77.70 yen Tuesday. Traders had begun the European session on an optimistic note that European Union leaders will reach a credible solution to the debt crisis in a two-day Brussels meeting that begins Thursday. But comments from Germany downplaying expectations that the summit will be a success dampened sentiment. "For the time being traders are giving the benefit of doubt to policymakers, in hope that they will be able to produce a comprehensive plan for fiscal integration at this Thursday's EU summit," said analyst Boris ...

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

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