The
euro rose to a two-week high after European Central Bank President
Mario Draghi pointed to signs of improvement in the region’s economy.
The
19-nation currency strengthened against most major peers as Draghi said
inflation would start accelerating later this year. While he was
committed to seeing through the central bank’s quantitative-easing
program, the ECB president said there was no need to expand its
bond-purchase program. Germany’s 10-year bond yield increased to the
highest this year, adding to the allure of euro-denominated assets.
Gaffney said he expects the euro to fall in the longer term and sees the rally as a selling opportunity.
The
euro advanced 0.9 percent to $1.1251 at 2:53 p.m. in New York, touching
the highest since May 19. It climbed 1.1 percent to 139.93 yen,
reaching the strongest since Jan. 13. The dollar added 0.2 percent to
124.37 yen.
Source : Bloomberg
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