05 Apr '11, 11pm

Euro-dollar rate steady as gold soars

WASHINGTON: The euro-US dollar exchange rate was steady late Tuesday after the European currency zig-zagged sharply during the day. Expectations of a European rate rise won out over worries on Portugal's debt and the minutes of the US Federal Reserve's meeting that showed increased attention to rising prices. After falling to $1.4152 and then shooting to $1.4246, at 2100 GMT the euro was virtually back where it started 24 hours earlier at $1.4221. The dollar picked up against the weakening yen though, buying 84.84 compared to 84.03 on Monday. "In the morning the euro was being pressured by concerns about the Portuguese rating portfolio," said Samarjit Shankar of BNY Mellon, referring to Moody's newest downgrade of the struggling eurozone country. "There is still a lot of negative sentiment the sovereign crisis there," he said, but added that it was offset by new US economi...

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

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