euro strengthened against the dollar as European Central Bank Governing Council Member Axel Weber said the rescue fund for indebted nations is sufficiently capitalized to calm the region’s financial markets.
Europe’s 16-nation currency rose for the first day in four against its U.S. peer after falling to a two-month low yesterday. The euro gained versus 12 of its 16 most-actively traded counterparts, rising for a second straight day against the Japanese yen.
“Weber’s comments may have helped lift some of the gloom surrounding the euro,” said Jane Foley, senior foreign-exchange strategist at Rabobank International in London. “International investors may be looking at the bigger picture, seeing a very strong German economy, and they aren’t so bogged down in the euro monetary union story.”
The euro gained 0.3 percent to $1.3369 at 3:55 p.m. in London. It slumped to $1.3285 in New York yesterday, its weakest level since Sept. 22. It hasn’t declined for four consecutive days since Aug. 24. The euro also appreciated 0.3 percent against the yen, rising to 111.77 yen from 111.40. Japan’s currency was at 83.63 per dollar from 83.54 yesterday.
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