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The euro rose today against the dollar and yen for the second day and for the third day against the Great Britain pound after the ECB policy makers signaled yesterday that there won’t be any rate cuts in the Eurozone soon.
Most notably European currency rose against the British pound as the latter fell to its four-month minimum levels on weak housing sector reoorts. European Central Bank policy makers Axel Weber and Lucas Papademos said yesterday that the bank will probably have to raise the rates after the economy recovers from the current crisis. U.S. dollar fell both against the euro and the yen as the commodity prices grew.
Considering the current situation with the U.S. banking institutions, the euro benefits from the uncertainty that surrounds the interest rates in the Eurozone. There still hasn’t been any strong signal for cut from the ECB.
Unlike failing U.S. employment and financial sectors the German unemployment rate seems to be improving despite the subprime lending crisis, which managed to damage almost every open economy in the world. Jobless rate fell by 40,000 in Germany in August — that’s more than the analysts expected. And, of course, such news are making the current trends on Forex.
EUR/USD rose from 1.4716 to 1.4789 as of 11:56 GMT today after reaching its daily high at 1.4807 earlier. EUR/JPY rose from 161.20 to 161.57 today. EUR/GBP advanced from 0.8022 to 0.8049 with a daily maximum at 0.8060 — the highest level since April 17.
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