Euro rises broadly on firm German data; yen underperforms |
| Reuters - Dec 19, 2012 |
The euro advanced to a 16-month high against the yen and an 8-1/2-month peak versus the dollar on Wednesday, bolstered by better-than-expected German business confidence data and increasing optimism about debt-plagued Greece.
The yen also weakened to its lowest in more than a year and a half against the dollar on expectations the Bank of Japan will ease monetary policy at the end of a two-day meeting Thursday.
Many analysts said the euro could extend gains against both the dollar and yen thanks to year-end demand from corporate and long-term investors in thin trading conditions. Currency speculators are also cutting short euro positions built earlier this year as worries about the euro zone have eased.
On Wednesday, Germany's Ifo survey showed business sentiment rose for a second straight month in December, raising hopes Europe's largest economy will get back on track after stumbling a little bit the last few months. The expectations component of the Ifo survey also increased.
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- Posted: 2012-12-19 15:03:15
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