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Friday, 19 Nov 2010
EUR Up Slightly on Irish-Bailout Optimism
The euro rose broadly on Friday, gaining for a third straight day versus the dollar, as investors grew more confident that Ireland's debt crisis would be resolved.
Gains in the euro, however, may prove temporary, with investors generally fearful Ireland's problems could spread to other peripheral economies in the euro zone.
Hopes that Ireland was near a deal to get tens of billions of euros from its European partners and the IMF helped push the euro above $1.37 overnight, although momentum stalled ahead of resistance around $1.3750. Traders said this level is likely to hold until markets get more details on the Irish rescue plan.
