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Article From Article Directory Database The euro strengthened for a third day against the dollar Wilfredo Fuentes
Submitted 2014-06-30 15:43:26 The euro strengthened for a third day against the dollar after a German report confirmed unemployment fell more than economists projected, contributing to indicators the region's recovery is gathering momentum.
The common currency climbed to a two-week high versus the yen as a measure of Spanish manufacturing also increased, damping speculation the European Central Bank will boost stimulus. Sweden's krona rallied for a second day after the country's factory output unexpectedly accelerated. South Africa's rand fell after manufacturing development slowed more in March than economists predicted. South Korea's won rose to the strongest in 6 weeks as exports elevated.
"We do not feel the ECB will be pushed into action yet," said Gemma Harrison, a senior currency strategist at Cavendish Investor in London. "We will continue to see a strengthening euro in the short to midterm."
The euro rose 0.2 percent to $1.3799 at 7:07 a.m. in New York, after gaining 0.2 percent throughout the previous two days. The shared currency appreciated 0.4 percent to 142.65 yen after climbing to 142.68 yen kd 8 washington redskins for sale , the highest level since March 13. The dollar strengthened 0.1 percent to 103.37 yen.
The number of people out of work in Germany dropped by a seasonally adjusted 12,000 in March to 2.9 million, after dropping a revised 15,000 the prior month, the Federal Labor Agency stated. Economists forecast a decline of 10,000 kd 8 vinary for sale , according to a Bloomberg survey. A gauge of Spanish factory output increased to 52.8 from 52.3, Market Economics stated, citing a survey of purchasing managers. Readings above 50 show growth.
The euro has rallied 7.9 percent in the previous 12 months, the best performer after the pound amongst 10 developed-nation currencies tracked by Bloomberg Correlation-Weighted Indexes. The dollar dropped 0.4 percent and the yen tumbled 11 percent.
Policy makers in Frankfurt will keep the benchmark interest rate at a record-low 0.25 percent on Thursday, based on all but 3 of 57 economists in a Bloomberg News survey. One forecaster predicted a cut to 0.1 percent while two called for 0.15 percent.
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