BS: Euro Advances Against Dollar as Equity Markets Resume Rally
By Bo Nielsen
June 15 (Bloomberg) -- The euro rose against the dollar for a second day as gains in stock markets damped concern Europe’s sovereign-debt crisis will slow global economic growth.
The 16-nation currency erased its loss as the Stoxx Europe 600 Index rose 0.5 percent and futures on the Standard & Poor’s 500 Index expiring in September increased 0.8 percent. Manufacturing in the Federal Reserve Bank of New York’s district expanded in June for an 11th consecutive month, a report today is forecast by economists to show.
“Stocks are driving currency markets today,” said Lauren Rosborough, a senior currency analyst at Westpac Banking Corp. in London. “The markets want to go down, but there’s no real decisive news out there to make it happen right now.”
The euro climbed 0.3 percent to $1.2261 at 6:34 a.m. in New York, from $1.2221 yesterday. It earlier fell 0.4 percent to $1.2168. The currency was unchanged at 111.92 yen after climbing yesterday to 112.87, the highest level since June 4. The yen strengthened 0.3 percent to 91.35 per dollar, from 91.58.
--Editors: Dennis Fitzgerald
To contact the reporter on this story: Bo Nielsen in Copenhagen at bnielsen4@bloomberg.net
To contact the editor responsible for this story: Daniel Tilles at dtilles@bloomberg.net
