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EUR rises on growth data

FOREX_EURO-rises_FXPIG

The euro rose on Friday as traders were encouraged by improved regional economic growth data and new assurances by Italian politicians that their nation would not leave the single currency.

The euro was on pace for a weekly gain of 0.29 percent against the dollar, reversing the prior week’s 1.35 percent drop tied to the European Central Bank’s hint it would hold interest rates through the summer of 2019.

The euro’s advance, together with a rebound in commodity-linked and emerging market currencies, pressured the dollar, putting it in the red this week.

The single currency was also bolstered after Greece clinched debt relief and received a cash infusion from the euro zone.

At 10:22 a.m. (1422 GMT), the euro climbed 0.35 percent at $1.1642, and increased 0.45 percent to 128.17 yen.

An index that tracks the dollar versus a basket of currencies including the euro was down 0.07 percent at 94.682, retreating further from an 11-month peak of 95.529 on Thursday.

The greenback also weakened against commodity-linked and emerging market currencies as worries about a global trade war were offset by a perceived modest increase in oil output by OPEC producers.

A bounce in crude prices, which were up 3.5 percent, helped rekindle some investor confidence in higher-yielding currencies, analysts said.

OPEC agreed to a modest increase in oil production after its leader Saudi Arabia persuaded archrival Iran to cooperate.

The Australian dollar was up 0.7 percent at $0.74310 after hitting a 13-month low on Thursday, while the South African rand rose 1 percent at 13.4370 per dollar, retreating further from a near seven-month trough earlier this week.

Source:reuters.com

The euro rose on Friday as traders were encouraged by improved regional economic growth data and new assurances by Italian politicians that their nation would not leave the single currency.

The euro was on pace for a weekly gain of 0.29 percent against the dollar, reversing the prior week’s 1.35 percent drop tied to the European Central Bank’s hint it would hold interest rates through the summer of 2019.

The euro’s advance, together with a rebound in commodity-linked and emerging market currencies, pressured the dollar, putting it in the red this week.

The single currency was also bolstered after Greece clinched debt relief and received a cash infusion from the euro zone.

At 10:22 a.m. (1422 GMT), the euro climbed 0.35 percent at $1.1642, and increased 0.45 percent to 128.17 yen.

An index that tracks the dollar versus a basket of currencies including the euro was down 0.07 percent at 94.682, retreating further from an 11-month peak of 95.529 on Thursday.

The greenback also weakened against commodity-linked and emerging market currencies as worries about a global trade war were offset by a perceived modest increase in oil output by OPEC producers.

A bounce in crude prices, which were up 3.5 percent, helped rekindle some investor confidence in higher-yielding currencies, analysts said.

OPEC agreed to a modest increase in oil production after its leader Saudi Arabia persuaded archrival Iran to cooperate.

The Australian dollar was up 0.7 percent at $0.74310 after hitting a 13-month low on Thursday, while the South African rand rose 1 percent at 13.4370 per dollar, retreating further from a near seven-month trough earlier this week.

Source:reuters.com

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