Friday, 20 Aug 2010

EUR Drops on ECB Official's Comments

The U.S Dollar rallied broadly Friday, rising to a six-week high against the EUR after a European Central Bank official suggested the region's economy may need help from the central bank through the end of the year. The Japanese Yen headed for a weekly gain versus 15 of its 16 major counterparts on signs the global economic recovery is slowing, boosting demand for the currency as a refuge.

The euro fell 1.1% to $1.2683 after touching $1.2673, the weakest since July 13. Japan's currency was at 108.71 per EUR from 109.49 in New York yesterday, after reaching 108.26, the strongest since July 1. The Yen fell 0.3% to 85.68 per USD.

Crude Oil for September delivery fell $1.13, or 1.5 percent, to $73.30 a barrel at 12:14 p.m. on the New York Mercantile Exchange. Futures touched $73.19, the lowest level since July 7. September futures on the Nymex expire today. The more actively traded October contract slipped $1.10, or 1.5 percent, to $73.67 a barrel.