Euro Gains on ECB Relief

The euro gained against the dollar, as lower-than-expected demand for a European Central Bank lending program allayed some fears over the region's banking sector.

But disappointing U.S. private-sector jobs data took some shine of currencies most closely tied to global growth, such as the Australian, New Zealand and Canadian dollar.

The euro-zone funding results are "a sign banks within the euro zone are largely able to finance or meet obligations without additional help from the ECB, which is a positive step," said Geoffrey Yu, currency strategist at UBS in London.

However, on a more cautionary note, he said a purely market-based approach means that funding costs will probably be higher in the coming quarters.

Read Full Article from Wall Street Journal

- Posted: 2010-06-30 09:35:06

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