Euro Rises Against Lower-Yielding Counterparts

 @ibtimes
on July 13 2009 2:36 PM

RTTNews - The euro saw some strength against the dollar and yen on Monday in New York as stocks climbed in the U.S. and Europe, adding to risk appetite. Meanwhile, the European currency gave back early gains versus the pound.

With the rally, the euro moved away from a near-term lows against its U.S. and Japanese rivals As global stocks stumbled last week, traders favored the lower-yielding currencies.

There was no major economic news on the schedule for the Eurozone on Monday. Eurozone industrial production data and the ZEW Survey results are on tomorrow's calendar.

The euro moved modestly higher against the dollar, reaching 1.3964 amid choppy trading. The common currency had reached as 1.3832 last week.

The European currency edged up to 129.32 against the Japanese yen. The euro remained in a trading range that began last Friday that came after the euro moved off of a seven-week low of 126.99.

In Japan, the Ministry of Economy, Trade and Industry downwardly revised industrial production growth for May to 5.7% from 5.9%. However, this was down from a record 5.9% increase reported in April. Annually, production plunged 29.5% in May.

The euro climbed to a five-week high of 0.8698 against the sterling in early trading following a report in the Sunday Times saying Lloyds Banking Group could report further losses, sparking worries over the UK economic recovery. The European currency slipped back near 0.8630 in early afternoon trading.

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