The euro has reached its highest level against the dollar in the past 11 weeks on international currency markets after solid business results from banks supported stock markets and encouraged investors to buy assets.
The single European currency strengthened by about 0.2 percent against the dollar by noon, reaching 1.3036 dollars, the highest level since early May. It also strengthened against the yen, at 113.96 yen, the highest level in the past seven weeks. "The environment now more strongly encourages investments in risky assets, and stocks are also recording somewhat better results, which together pressures the dollar. In contrast, higher-yielding currencies, including the Australian and New Zealand dollars, are experiencing growth," stated Tom Levinson from ING. Thus, the New Zealand dollar reached its highest level against its American counterpart in the past six months, while the Australian dollar recorded its highest level against the greenback in the past 11 weeks. The British pound, on the other hand, recorded its highest level against the US dollar in the past five months, trading at 1.5467 dollars. (H)
