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Euro rises vs dollar on China support; kiwi soars

Reuters - May 26, 2011

The euro rose against the dollar on Thursday after a news report said China is interested in buying bailout bonds for Portugal and traders said more gains could be in store ahead of the U.S. long weekend.

The euro zone common currency's resilience to hold above $1.4000 and its 100-day moving average just below there also forced some investors to close short positions. That helped push it briefly above $1.42, the strongest in about a week.

Analysts said the euro could rise a bit further in the short term as investors trim bearish bets ahead of the Memorial Day weekend and month end, though it's likely to stay in a range of $1.40 to $1.4350 given worries about a potential restructuring of Greece's sovereign debt.

"The negative sentiment surrounding the euro zone and Greece may be starting to ebb a little bit with China's reinforcement of what we've already known, which is their support for the euro zone, but there's still a little bit of a battle happening," said Brad Bechtel, managing director of Faros Trading in Stamford, Connecticut.

Read Full Article from Reuters

- Posted: 2011-05-26 10:02:59

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