Tuesday, March 29, 2011

Interest Rate Speculation Boosts Euro

The euro gained on both the yen and the dollar following comments from European Central Bank member Jozef Makuch noting that it was “highly probable” that the bank will raise interest rates next week.

“The euro is squeezing up as people are concentrating again on the prospect of widening rate spreads,” said Jeremy Stretch, executive director of foreign-exchange strategy at Canadian Imperial Bank of Commerce in London.

Source: Bloomberg

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