Corporate foreign exchange news

Euro 'improving' in foreign exchange markets

Monday, 04 July 2011 08:59:19 GMT

Published by Mark Smith-Halvorsen
Investors may be looking to whether the European Central Bank opts to make changes to interest rates this week as an indication of how foreign currency exchange markets are likely to perform.
This morning (July 4th), the single currency climbed versus the US dollar for the sixth day in a row, reports Bloomberg.
At 07:56 GMT, the euro was at $1.4553 - its highest level versus the dollar in three weeks in foreign exchange markets - a 0.2 per cent rise, after briefly pushing 0.4 per cent higher.
This follows the approval of further finance to assist Greece by European finance ministers, which will be worth €8.7 billion and is set to be given by the middle of this month.
Last week, Greg Gibbs, currency strategist at the Royal Bank of Scotland Group in Sydney, told Bloomberg the ongoing crisis in the eurozone was "obviously benefiting" the US dollar.
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