Corporate foreign exchange news
Confidence drives euro higher
Monday, 07 September 2009 08:51:23 GMT

The euro gained on the back of expected investor confidence in early trading this week, Bloomberg reports.With confidence among investors anticipated to be at a 14-month high, the euro gained ground against the dollar by 07:01 BST.By that time, the value of the euro in London was at $1.4327, up from its position in New York on September 4th of $1.4297.The euro also rose compared with the yen and pounds sterling, while the dollar strengthened its position against yen slightly.Director of foreign exchange sales in Tokyo at NTT SmartTrade Takashi Kudo tells Bloomberg: "The positive economic outlook is causing more risk taking, supporting the euro and commodity currencies, especially the Australian dollar."Additional positive economic data would further enhance the trend."Mr Kudo recently told Bloomberg that rising stocks represent positive news for investors with an appetite for risk-taking, adding that sales of yen were gaining ground due to such a factor.

