Traders Again Reward the Euro
The euro hit a seven-session high against the dollar Wednesday as traders rewarded the common currency for its resistance to U.S. economic weakness.</br></br>In New York, the euro rose intraday to $1.5833 from a low of $1.5585, extending a rally started after the release of strong euro- zone data that contrast sharply with U.S. fundamentals.</br></br>"The euro's been bid pretty much all day," said Adam Boyton, currency strategist at Deutsche Bank in New York. "It's that combination of strength in European data, weakness in U.S. data, and the interest-rate differential continues to widen in favor of the euro."</br></br>Official rates in the euro zone stand at 4% compared with 2.25% in the U.S.</br></br>At 4 p.m. in New York, the euro was at $1.5832, from $1.5611 Tuesday, while the dollar was at 99.33 yen from 100.16 yen. The euro was at 157.27 yen from 156.36 yen. The British pound was at $2.0073, from $2.0010 Tuesday, and the dollar was at 0.9901 Swiss francs, from 1.0081.