Archive for February 28, 2010
Euro higher at $1.3570 in European morning trade
FRANKFURT
EURO
The euro is higher against the dollar after Federal Reserve Chairman Ben Bernanke this week insisted interest rates would stay low.
The euro is worth $1.3570 in European morning trade, up from $1.3545 late Thursday in New York.
The British pound is buying $1.5260 from $1.5246, while the dollar is worth 89.29 Japanese yen, up from 89.13.
Bernanke said earlier this week interest rates would remain low for some time. Keeping rates low can weigh on the dollar as investors seek higher returns in other markets.
European debt concerns, particularly Greece’s, also weighed on the euro Friday.
German Chancellor Angela Merkel said this week that Greece’s problems have to be tackled at the root, but that the euro will come through the current problems.
Source Business week
