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Forex: Euro Snaps Back Versus Dollar As Stocks Gain (RTTNews) - The euro reached near-term highs against other major currencies on Monday as higher global stocks improved the appeal for riskier currencies. European Central Bank Governing Council member Miguel Fernandez Ordonez said Monday the ECB's current refinancing rate of 1% is appropriate. He added that financial markets do not expect the central bank to hike rates until sometime in the second half of 2010. Private sector business activity in the Eurozone continued to improve, expanding for a fourth month in November, preliminary survey data released by Markit Economics showed Monday. The euro leveled off near a weekly high around 1.4980 versus the dollar. With the climb, the European currency crept closer to a 15-month high above 1.5060. The euro remained near a 10-day high against the British pound, moving near 0.9020. The European currency reached as high as 0.9038 in overnight dealings. The Bank of England proposed to set capital surcharges across firms to reflect their individual contribution to systemic risk. The euro rose to a five-day high against the Japanese yen, trading near 1.4975. The 16-member currency has been trending higher since late last week. The Japanese markets were closed on Monday. The Markit flash Eurozone composite output index, which includes both manufacturing and services, rose to a two-year high of 53.7 in November, up from 53 in October. It rose above the expected reading of 53.3. A reading above 50 indicates an expansion, while a reading below 50 signals a contraction. Meanwhile, French services sector activity increased to the 37-month high in November, a flash report from the Markit Economics showed on Monday. |
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