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Soaring euro pauses for breath
Tuesday 20th July, 2010
The euro broke through the 1.3000 level Tuesday to trade as high as 1.3029.
The European Union currency however then dipped as profit-takers moved into to capture part of the latest gains.
The euro was flirting with the 1.1800 level just three weeks ago but has been gaining steadily since that point, mainly on news that the U.S. economic recovery is slowing.
"Sentiment toward the euro is quite positive," Lutz Karpowitz, senior currency strategist at Commerzbank in Frankfurt told Reuters Thomson.
"The short-term sovereign debt problems seem to be under control, and data out of the U.S. is weighing on the dollar."
The 1.3000 level hit during trading in Asia Tuesday marked a two-months high. The crucial technical level however didn't hold, and into European trdaing the currency had dipped to 1.2916.
.
Tuesday 20th July, 2010
The euro broke through the 1.3000 level Tuesday to trade as high as 1.3029.
The European Union currency however then dipped as profit-takers moved into to capture part of the latest gains.
The euro was flirting with the 1.1800 level just three weeks ago but has been gaining steadily since that point, mainly on news that the U.S. economic recovery is slowing.
"Sentiment toward the euro is quite positive," Lutz Karpowitz, senior currency strategist at Commerzbank in Frankfurt told Reuters Thomson.
"The short-term sovereign debt problems seem to be under control, and data out of the U.S. is weighing on the dollar."
The 1.3000 level hit during trading in Asia Tuesday marked a two-months high. The crucial technical level however didn't hold, and into European trdaing the currency had dipped to 1.2916.
.
