Source Pravda.Ru

Euro climbs higher as investors expect bailout package for Ireland

42413.jpegThe euro climbed for a third day against the dollar as investors speculated that a bailout for Ireland will prevent Europe's debt crisis from getting worse. The dollar fell versus most of its major counterparts as Federal Reserve Chairman Ben S. Bernanke defended the U.S. central bank's monetary stimulus policy. The euro got a boost as German producer prices rose last month more than forecast. The yen rose against the Australian dollar after a two-day drop as China increased banks' reserve ratio requirements.

"Ireland appears close to an agreement on its bailout, which is positive for sentiment," said Neil Jones, head of European hedge-fund sales at Mizuho Financial Group Inc. in London. "The German economy is powering ahead.", Bloomberg reports.

Friday morning, the euro was at $1.3679 from $1.3631 late Thursday, according to EBS via CQG. The dollar was at Y83.42 from Y83.51, while the euro was at Y114.11 from Y113.82. The U.K. pound was at $1.5993 from $1.6042. The dollar was at CHF0.9954 from CHF0.9967.

The ICE Dollar Index, which tracks the greenback against a trade-weighted basket of currencies, was at 78.479 from 78.635.

Irish Prime Minister Brian Cowen said Friday that the second day of talks with European counterparts are "going well." Officials from the European Union, the European Central Bank and the International Monetary Fund are in Dublin to examine Ireland's finances and banking system. This may include the activation of the European Financial Stability Facility, the EUR440 billion emergency loan program created to help euro-zone countries refinance their debts, Wall Street Journal informs.

 

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