Euro Gains as Recovery Concern Ease, Basel Extends Deadlines
The euro gained today versus the US dollar and the Japanese yen as China’s economic expansion improved outlook for the global economic recovery and as the banks were given eight years to comply with more strict capital rules.
The Chinese reports showed higher than predicted retail sales and the biggest advance of the industrial production in three months, supporting the outlook for the sustainable global recovery. The Basel Committee on Banking Supervision extended to eight years the deadline for the lenders to comply with the new higher capital requirements, which are intended to prevent future crises.
EUR/USD rose from 1.2705 to 1.2812 as of 9:13 GMT after advancing to 1.2833. EUR/JPY went up from 107.08 to 107.55.
If you have any questions, comments or opinions regarding the Euro, feel free to post them using the commentary form below.
Earlier News About the Euro:
- Euro Drops on Doubts in Strength of European Banks (2010-09-09)
- Worries About Health of Europe's Banks Drive Euro Down (2010-09-07)
- Euro Rises on Good German Economic Outlook (2010-09-06)
- Euro Goes Up as GDP Surpasses Forecasts in US (2010-08-27)
- Euro Follows Continental Stocks, Goes Up (2010-08-26)