Euro supported but lacks momentum |
| Reuters - Feb 9, 2011 |
The euro was supported on Thursday after climbing the previous day against the dollar on a fall in U.S. bond yields, though many traders said it lacks the momentum to extend gains beyond a 12-week peak set last week.
Federal Reserve Chairman Ben Bernanke gave no indication the central bank would cut short its bond buying programme, let alone raise interest rates down the road.
That and strong foreign demand at a 10-year U.S. bond auction helped drive U.S. yields off a nine-month high and undermined the greenback, though traders hesitated to bid the euro too much after the European Central Bank's chief quelled expectations of an early rate hike last week.
"It's difficult for now for the euro to rise above the peak it hit earlier this month. It will need a fresh factor to push it beyond that high," said Keiji Matsumoto, a strategist at Nikko Cordial Securities.
Read Full Article from Reuters
- Posted: 2011-02-09 22:39:40
| More Stock Investor Place Top Stories |
 |
|
|
|
| Stock Investor Place Top Stories Archive |
|
|
|
