30 Mar '11, 10pm

Europe rate expectations keep euro firm

NEW YORK: Markets held to the idea on Wednesday that Europe is close to raising interest rates despite the impact that would have on its weaker members, and pushed the euro higher against the dollar. At 2100 GMT the euro bought $1.4129, up from $1.4110 late Tuesday. The dollar meanwhile gained on the Japanese currency, buying 82.87 yen from 82.46 on Tuesday. But the small level of movement underscored the uncertainty in the markets over rate calls, traders said. "The euro is caught between the global positives and the local negatives," said Vassili Serebriakov of Wells Fargo Bank. The "positives" include rising inflation which is pushing toward the target zone at which the European Central Bank needs to take action. "The latter include another downgrade to Portugal's credit rating by S&P and softer European economic confidence data," he said - all of which favours keeping ...

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

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