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Euro Rises Versus Greenback As Equities Surge 11 days ago
(RTTNews) - The euro challenged its yearly high versus the dollar on Monday in New York as higher equities drove traders toward the higher-yielding currency. The European currency also turned higher against the sterling and held overnight gains versus the yen.
Global stocks received a boost after the G20 finance ministers indicated that their economic stimulus measures would remain in place until the global economic recovery is assured.
German industrial production fell 2.7% month-on-month in September after a revised increase of 1.8% in August, the Federal Ministry of Economics and Technology said Monday. Economist had expected 1% increase.
The Sentix investor confidence indicator for the Eurozone rose to minus 6.97 in November from minus 12.57 in October.
The euro rallied to a two-week high against the dollar, reaching as high as 1.5019. The European currency moved closer to a 15-month high of 1.5062, reached late last month.
The 16-member currency turned to the upside against the sterling and climbed away from a seven-week low reached earlier in the morning. The euro hit as high as 0.8973, compared to the daily low of 0.8896.
The euro leveled off versus the yen near 135.00, holding most of its overnight gains.
The Ministry of Finance said today that Japan's official reserve assets totaled $1.06 trillion by the end of October, up $4.17 billion from September.
In other economic news from the Eurozone, Germany's trade surplus increased to EUR 10.6 billion in September from EUR 8.1 billion in August, the Federal Statistical Office reported today. However, the surplus stood below the expected level of EUR 11.2 billion.
Meanwhile, a survey data released by the Bank of France showed that French industrial confidence continued to rise for an eighth month in October. The sentiment indicator rose to 95 in October. Economists had forecast the index to remain unchanged at September's revised reading of 93.
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