Euro hits highest rate

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It's been a tough morning for US currency, which continued to weaken, hitting its lowest in more than a year against the euro and Swiss franc on higher equities and oil prices, as well as speculation that US interest rates will stay low for some time.

Positive signs came through for the global economy today as world stocks hit a new 12-month high, driven by positive earnings from US tech giant Intel and surprisingly strong trade figures from China. The euro has hit it's highest since August 2008 at USD 1.49 on EBS trading systems whilst the pound rallied to make a recovery from falls earlier this week. The Swiss franc also rose to its strongest since July 2008.

UK Market - Pound Sterling News

A break above today's top and current resistance at 1.599 could lead to further strengthening of the British currency.

The pound has rallied at a good pace over the last 24 hours to reach a 1.59 Asian session high against the US dollar. Having softened somewhat on early European session, sterling bounced up immediately after the release of better than expected employment figures, and has returned to levels just below 1.60.

European Market - EURO News

The euro is trading at a 14-month high, reaching levels below 1.49 on broad-based dollar weakness.

Some analysts are speculating that yesterday's close above 1.48 suggests the euro might be ahead of a firm rally, which would be confirmed by a weekly close above that level. The euro zone released its industrial production for August at 0.9% higher than the revised prior reading of 0.2%, whilst on the year it improved to -15.4% from -15.9%

US Market - US Dollar News

Currency investors continue to speculate about when the US central bank will tighten its monetary policy. This speculation comes ahead of US corporate earnings figures and speeches from Federal Reserve officials later in the day, thus putting more pressure on the US currency.

The US dollar stumbled to a 14-month low against the euro on Wednesday, sending gold prices to record all-time highs and pushing up oil for a fifth day to a 2009 high. These commodities and the US currency are often inversely correlated, with gold and oil seen as alternative currencies and hard assets themselves.

World Currencies - News Highlights

Buoyant commodity prices and confidence in the technology sector propelled Asian stocks traded outside Japan to their highest levels since early August.

Improvements in Chinese export and import data for September as well as an unexpected rise in its copper imports also showed promise for the rest of the year, offering new evidence that its economy is improving and that the global economy is on the road to recovery.

The dollar versus the yen continues to trade within a minor bearish channel nearing its main support at 87.80. The Swiss franc is the strongest since late July 2008 at 1.017 against US currency whilst the Australian dollar continued appreciating at a good pace. After bouncing on Tuesday at a 0.90 low against the US dollar, the Aussie has broken to reach another 14-month high at 0.915

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