Posted On: August 17, 2012
The value of the shared currency of the European Union soared to its top level in six weeks against the Japanese yen on Friday, boosted by Germany indicating it endorses how the central bank of Europe intends to resolve the debt crisis, Bloomberg reports
The European Central Bank might move forward with the purchase of sovereign debt from nations suffering under the duress of the euro debt scourge, which German Chancellor Angela Merkel said she supports. The euro rose against each of its 16 major counterpart currencies.
"The market is very short on the euro and any signs that the crisis is being dealt with is reflected in the" monetary unit's increases, currency strategist Henrik Gullberg with Deutsche Bank AG in London told Bloomberg. "Given that Merkel was talking as well, maybe that added credibility" to indications of progress.
Thus far this week, the euro climbed roughly 0.6 percent against the U.S. dollar while the yen has fallen 1.4 percent against the U.S. monetary unit.
the world's reserve currency pushed to its highest price in five weeks against the Japanese yen.
Category: Industry News
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