Bloomberg News

Yen Gains for 2nd Day Before G-20 Meets; Aussie Climbs

February 13, 2013

The euro strengthened for a third day against the dollar after a report showed industrial production in the 17-nation region increased more in December than economists forecast.

The common currency appreciated against 13 of its 16 major counterparts as the data added to signs the debt crisis is easing and Europe is emerging from recession. The pound slumped after the Bank of England said risks to the U.K.’s economic recovery are weighted to the downside. Sweden’s krona rallied after the central bank kept interest rates unchanged.

“Market appetite for the euro has improved,” said Neil Jones, head of European Hedge Fund Sales at Mizuho Corporate Bank Ltd. in London. “The situation in the euro zone has gradually improved along with the outlook for the global economy. We expect the euro’s upward momentum to continue.”

The euro appreciated 0.2 percent to $1.3479 per dollar as of 6:13 a.m. in New York after rising to $1.3711 on Feb. 1, the highest level since November 2011. The shared currency gained 0.5 percent to 126.36 yen. The yen dropped 0.3 percent to 93.75 per dollar.

To contact the reporter on this story: Anchalee Worrachate in London at aworrachate@bloomberg.net

To contact the editor responsible for this story: Paul Dobson at pdobson2@bloomberg.net


Reviving Keynes
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus