By: Barbara Zigah
The common currency Euro held close to a 2-month peak versus the U.S. Dollar as investor risk appetite was whetted following earlier better than expected quarterly earnings results from U.S. computer chip manufacturer, Intel, which helped to push the S&P Futures index higher. Some analysts predict that the greenback could be further pressured if other corporate earnings reports are as robust as Intel’s; expected out later this week are earnings reports from Bank of America and J.P. Morgan Chase.
As reported at 2:32 p.m. in Tokyo, the Euro was steady from yesterday’s late trade in the United States, holding near $1.2710. Yesterday, despite the Moody’s downgrade of Portuguese sovereign debt, the Euro struck a 2-month peak against the U.S. Dollar, when it hit $1.2739 on the EBS platform.
Traders confirm that funds are being used to buy up holdings in the Euro as well as other growth-related, high-yielding currencies. One currency strategist in Sydney confirmed that the Euro-zone concerns appear to be receding, as even the Portugal debt downgrade was expected and accounted for. The Euro also gained against the safe-haven Japanese Yen, trading at 113.18 Yen, a .3% rise and holding close to a 3-week peak of 113.29 Yen struck earlier in the trading session.
Whetted Investor Risk Appetite Supports Euro versus U.S. Dollar
After working on Wall Street, Barb began her second career as a freelance writer at Daily Forex, where the CEO recognized fresh, untapped potential and was willing to give her a try. She’s never looked back. Since then, she’s worked steadily as a freelance writer and editor in the financial services and Forex-related industry.