By: Barbara Zigah
A strong equity market in Asia helped to push up the common currency Euro versus the U.S. Dollar. Investors were encouraged by the rally and bought the risk-sensitive Euro which, in turn, helped ease worries over the lingering economic problems in the Euro-zone.
Market players suggest that should European and North American equity markets also see gains, the common currency Euro might rise even into the weekend, which would effectively push the safe-haven greenback lower against the Yen and other rivals.
Investors, however, are hesitant to move the U.S. Dollar lower for fear that the Japanese Ministry of Finance will intervene in the market yet again; this past Wednesday, after more than 6½ years of non-intervention, Japanese authorities moved to curb the Yen’s appreciation.
As reported at 2:59 p.m. (JST) in Tokyo, the common currency Euro was trading against the U.S. Dollar at $1.3124, higher than late Thursday’s close in New York of $1.3085. Analysts predict that by the close of the global day, the Euro might rise against the greenback to $1.300, provided that global equity markets continue to rally. Versus the Japanese Yen, the Euro was trading at 112.52 Yen, a slight rise from Thursday’s New York close of 112.29 Yen.
Strong Asian Equity Market helps Euro Gain against the Greenback
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.