Euro Jumps to Three-Week High; Trading Above $1.37
New York – Last week on Friday, euro switched to a three week high against the US dollar. It had passed through a technical level approximately $1.3680 that generated more buying and it was pushed above $1.3700.
Paul Bednarczky who is a currency strategist at 4cast consultancy in London said, “Now it’s the month end and U.S. has a long weekend ahead so it basically looks like some bank in New York came in early and they had bought some eurosâ€.
Some traders are away because of the holiday this week which is making the market more susceptible to many areas he added.
The single currency has reached as high as $1.3719 early Friday, its highest level since Aug. 9 when it touched $1.3817.
Euros had been experiencing changing odds during late night sessions for quite long following the reports that on Friday president George W. Bush might announce a relief package for the U.S housing sector.
As reported by EBS, Friday witnessed an increase in Euros from $1.3624 to $1.3718 while dollar was at Y116.23 from Y115.79. Late Thursday saw Euro at $1.3718 from $1.3624 while U.K pound went from $2.0121 to $2.0227. Also, the dollar was estimated at CHF1.1994 from CHF1.2039.