Futures Market News
Euro soars against yen after Merkel commentary supporting ECB
Aug 17, 2012 03:12 PM
The common currency of the European Union pushed to its six-week high on Friday against the monetary unit of Japan, propelled by the leader of Germany noting support for how the European Central Bank will move forward with confronting the sovereign debt crisis, according to Bloomberg.
The central bank might purchase debt from nations victimized by the debt crisis, which Chancellor Angela Merkel said she stands behind. The value of the 17-nation monetary unit gained against all 16 of its top rivals.
"The Merkel comments were supportive for the euro in that they were consistent with the ECB, though this was tempered by the fact that the main opposition to bond-buying comes from the Bundesbank (Germany's central bank), not the government," currency strategy global head Adam Cole with RBC in London told Reuters.
The U.S. dollar climbed to its highest value in five weeks against the Japanese yen, notching its best performance since the middle of July, according to Reuters.
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