The euro rose to a 2-1/2-week high on Friday, as dealers said speculators antici...
TOKYO - The euro rose to a 2-1/2-week high on Friday, as dealers said speculators anticipated increased demand for the common currency arising from a Japanese bank’s plans to purchase the multi-billion dollar aviation finance business from a German bank.
Dealers said speculators were buying the euro in response to reports on Mitsubishi UFJ Financial Group’s planned purchase of the aviation financing business of Germany’s DZ Bank. As of June last year, that business stood at 5.6 billion euros. “It is not really a surprise that the euro is capable of reacting quickly to potentially positive factors, given the fundamentals surrounding the euro zone economy are showing signs of improvement.”
Data released on Thursday showed first-time filings for U.S. jobless benefits dropped to a 49-1/2-year low last week, pointing to sustained labour market strength. Overall producer prices increased 0.6 percent in March, the largest rise since October.“Many market players had taken a bearish view on the dollar after the U.S.
With the dollar broadly lower, the pound rose 0.2 percent to $1.3078 to cancel out most of the previous day’s losses.
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