15 Sep '11, 10pm

Central bank intervention boosts euro

NEW YORK: A move by key central banks to aid Europe's struggling banks gave a solid boost to the euro on Thursday. The euro climbed more than one US cent during the day to stand at $1.3882 at 2100 GMT, up from $1.3750 late Wednesday. The common European currency hit a high of $1.3931 after the European Central Bank announced it would, in cooperation with the central banks of the United States, Britain, Japan and Switzerland, provide three-month dollar loans to European banks. The move came after dollar liquidity appeared to be drying up for Europe's banks, with lenders worried about their exposure to the debt of Greece and other European sovereign borrowers that markets view as high-risk. That also followed Wednesday's tentative vote of confidence in Greece by the leaders of France and Germany, who said they believed Athens would hold its place in the eurozone. "The US dol...

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

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