Corporate foreign exchange news

Euro set for second monthly rise against dollar

Friday, 28 August 2009 09:11:53 GMT

The euro is on course to rise against the dollar for a second consecutive month for the first time in more than a year.
In trading this morning (August 28th), the currency has registered its eighth day of gains against the dollar, the biggest unbroken rally seen in four years.
The upward trend has been supported by a raft of economic data suggesting that business sentiment and growth in major eurozone countries are turning a corner.
Masanobu Ishikawa, general manager of foreign exchange at Tokyo Forex & Ueda Harlow, Japan's largest currency broker, told Bloomberg: "The eurozone economies look like they're starting to recover. The euro is easy to buy, given higher interest rates there than in the US and Japan."
In a separate interview with the news agency, Hans-Guenter Redeker, head of currency strategy at BNP Paribas, pointed to a technical analysis indicating that the euro will also rise against the euro in a "bullish reversal".ADNFCR-2522-ID-19336161-ADNFCR
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