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06 Sep, 2010 - Euro Near Two-Week High Against Dollar on Growth Signs
Euro Near Two-Week High Against Dollar on Growth Signs
The euro traded near a two-week high against the U.S. dollar as reports this week are forecast to show the recovery is gaining strength in Germany.
Europe’s currency was near its strongest in a week against the yen before a report tomorrow that economists said will show German factory orders expanded for a second month. “A string of upbeat economic data have been allaying fears of a sharp slowing in the global economy,” said Mike Jones, a currency strategist at Bank of New Zealand Ltd. in Wellington. “Generally buoyant sentiment has encouraged investors to trim ‘safe haven’ positions in the yen, franc and dollar in favor of ‘growth sensitive’ currencies.”
The euro traded at $1.2896 as of 1:37 p.m. in Tokyo from $1.2896 in New York last week after rising to $1.2904, the strongest since Aug. 18. The single currency was at 108.77 yen from 108.73 on Sept. 3, when it advanced to 109.56 yen, matching the high on Aug. 30. The dollar bought 84.34 yen from 84.31 yen. The European Central Bank last week raised its 2010 economic growth forecast to about 1.6 percent from its previous prediction of 1 percent, and increased its 2011 projection to 1.4 percent from about 1.2 percent.
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