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Fimmtudagur, 22. nóvember 2012

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Euro extends gains, hits 6-month high vs. yen

The euro gains ground in thin trade amid a U.S. holiday, hitting a nearly 7-month high versus a broadly-weaker Japanese yen.

By William L. Watts

FRANKFURT (MarketWatch) — The euro continued to push higher versus most major rivals in thin trade amid the U.S. Thanksgiving Day holiday, notching a nearly seven-month high versus a broadly weaker Japanese yen after an encouraging round of Chinese data lifted overall risk appetite.

The ICE dollar index , a measure of the U.S. currency against a basket of six major rivals, edged down to 80.704 in recent action from 80.937 in North American trade Wednesday.

The euro bought $1.2886, up from $1.2823 on Tuesday. Against the yen , the shared currency fetched ¥106.36 after hitting an earlier high of ¥106.57, its strongest level versus the Japanese currency since April 26.

“Markets remain less than concerned about the lack of agreement from Europe [on aid for Greece], with the euro actually managing to squeeze higher after the statements from euro-zone leaders on Wednesday suggesting that sooner or later the job would be done,” said Geoffrey Yu, currency strategist at UBS.

“With quiet trading likely to dominate for the remainder of the week, there is little appetite in pushing for major event-driven moves and the steady flow of data will probably help ranges stabilize,” he said.

http://stream.marketwatch.com/story/markets/SS-4-4/SS-4-16761/

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