Forex Currency: Euro/Dollar rose to two-month High


Active Trader
Jun 28, 2010
Forex Currency----The euro touched a two-month high against the dollar on Thursday, for economic statistics of US and Australia revitalized confidence to global economic recovery and boosted forex investors’ interest in higher-yielding currencies.
Early last week, US application for unemployment compensation fell more sharply than expected. The June intra-shop retail amount of a number of large American retail chain stores also reached above expectation. The demand for Stocks and other high-risk assets was thus supported.
In Australia, the improvement of employment in June led the Australian dollar rose over 1% against the dollar, and over 2% against the yen. Further announcement of details of European bank stress testing is helpful to financial stocks, as forex investors believe the testing standard is looser than forex market expectation.
According to Reuters data, EURO/USD once hit 1.2700 dollars, highest since middle May. It closed at 1.2691 dollars, up 0.4%, still not far away from the day’s high.----Forex Currency

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By Amanda