Futures Market News
Euro climbs against dollar, yen from stronger climate in Germany
Oct 16, 2012 11:00 AM
The common currency of the European Union on Tuesday benefited from stronger investor sentiment in Germany and achieved gains against the U.S. dollar and the Japanese yen, according to published reports.
Spain approaching a bailout to rescue its debt-hobbled banking sector also boosted the monetary unit's value, according to Reuters. The 17-nation bloc's currency notched a fourth straight day of advances against the yen.
"The better the chances of a bailout for Spain, the more risk-on that is," European hedge fund sales head Neil Jones at Mizuho Corporate Bank Ltd. in London told Bloomberg. "You've got a market that's not really prepared for the upside or risk on, so the positions that are out there are designed to hedge against euro catastrophe."
The euro's gains during the past week have been around 0.6 percent, which places it behind only the Swiss franc as far as best-performing monetary units monitored by Bloomberg.
The index of expectations for investors and analysts, a study distributed by the ZEW Center for European Economic Research in Manheim, gained in September to minus 11.5 from minus 18.2, according to Bloomberg. The index probes financial and economic developments six months in advance.
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