Corporate foreign exchange news

Euro gains on French optimism

Wednesday, 09 September 2009 10:10:23 GMT

Optimism ahead of an update on industrial production in France has helped the euro to near a nine-month high against the dollar, reports Bloomberg.
At 07:40 in London on Wednesday, September 9th, the euro stood at $1.4498, up from its closing value of $1.4478 in New York the previous day.
Bloomberg suggests that optimism in the French economy could be a factor in the strength of the currency.
An upcoming report on industrial production in the country is expected to reveal a third consecutive month of growth when July figures are published.
This follows similarly bright news from Germany, which is among the countries to be enjoying an upswing in economic fortunes at present.
However, Bloomberg adds that the euro peaked at $1.4535 in Tuesday trading in New York.
This took it to a high not seen since December 2008 - and broke the $1.4450 benchmark figure said to be a trend-breaker by Sydney currency strategist Sue Trinh of RBC Capital Markets in a recent interview with newswire Reuters.ADNFCR-2522-ID-19352081-ADNFCR
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