19 Jan '11, 11pm

Euro rises, tops US$1.35 before retreat

NEW YORK: The euro continued its upward march on Wednesday topping $1.35 before pulling back, as confidence grew in the eurozone's economy. At 2200 GMT the euro fetched $1.3470, compared to $1.3389 on Tuesday. At one point during the day's trade the single European currency reached 1.3539, the highest point since November 23. The euro has climbed steadily against the US currency since hitting its three-month low of 1.2908 on January 7, when there was widespread worry over the stumbling economies of Greece, Spain and Portugal. "There was a turnaround in dollar sentiment late last week," said Samarjit Shankar, of BNY Mellon bank. "There's a more positive sentiment (toward the euro) that the policymakers are going to get their act together, and there might be some concrete measures taken for the EFSF and the stability pact," he said, referring to the European Financial Stabil...

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

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