Euro rises against US dollar
The 16-nation euro is up on the US dollar following Ireland's application for a massive EU loan to bail out its banking sector.
By Agencies |
BERLIN: The 16-nation euro is up on the US dollar following Ireland's application for a massive EU loan to bail out its banking sector.
The euro bought $1.3778 in morning European trading Monday, up from $1.3672 late Friday in New York, after Ireland's application for the loan put an end to speculation. EU finance ministers quickly agreed in principle to the bailout.
The British pound is up to euro1.6047 from euro1.5973 on Friday, while the dollar slipped to 83.36 Japanese yen from 83.49 yen in New York.
Though the Irish news boosted the euro, CMC Markets economist Michael Hewson warns ``the fact remains that asking for a loan and agreeing on the terms of one are two different things, and as such expect the single currency to remain under pressure in the longer term.''
The euro bought $1.3778 in morning European trading Monday, up from $1.3672 late Friday in New York, after Ireland's application for the loan put an end to speculation. EU finance ministers quickly agreed in principle to the bailout.
The British pound is up to euro1.6047 from euro1.5973 on Friday, while the dollar slipped to 83.36 Japanese yen from 83.49 yen in New York.
Though the Irish news boosted the euro, CMC Markets economist Michael Hewson warns ``the fact remains that asking for a loan and agreeing on the terms of one are two different things, and as such expect the single currency to remain under pressure in the longer term.''
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