Futures Market News
Euro hits three-week high
Mar 23, 2012 12:40 PM
The euro rose to a three-week high against the greenback on Friday following almost a month of losses. The increase in the value of the shared currency of the European Union came after concerns of a slowdown in the euro zone eased slightly, Reuters reports.
According to the news outlet, the dollar slipped against the euro, despite an improving economic landscape in the U.S. The greenback could be pushed up by the housing market, however, as house prices rose to their highest level in eight months.
"This could probably be position-squaring in euro/dollar after the selling we had seen the last few days," Brian Kim, currency strategist, at Royal Bank of Scotland in Stamford, Connecticut, told Reuters.
The rise of the euro against the greenback may be short-lived, according to the news outlet, but the news out of Europe is getting better ahead of next week's European finance ministers' meeting.
Fast Markets reports that the euro rebounded from yesterday's one-week low of 1.3131 against the greenback and was holding at 1.3257 during trading on Friday.
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