Euro-Zone Campaign
November 2nd, 2009 Posted in Euro-Zone
The European currency rebounded versus the USD and the Yen as signs the global economy is recovering trimmed demand for the relative safety of the U.S. and Japanese currencies. The EUR reversed earlier losses on the improved outlook for the Chinese economy and its stock market. The EUR traded up 0.4% at $1.4771, recovering some of its losses made on Friday when it fell more than 0.8%
Against the Yen the currency rose 0.5% to 133.28 yen.
There is bright news about economies worldwide, as China’s PMI suggests the recovery in the nation’s economy is picking up, according to analysts. It’s mildly positive for risk appetite and negative for the U.S dollar and the Japanese yen, they said. The solid Chinese data and expectations of a rate hike in Australia buoyed sentiment toward perceived riskier currencies.
The EUR was also lifted by a key survey confirming that the Euro-Zone manufacturing sector expanded for the first time in 17 months during October as new orders reached a level not seen in over 2 years.
