The euro climbed to $1.3029 as of 6:48 a.m. in London from $1.3005 yesterday in New York. It advanced to 127.67 yen from 127.48, after earlier weakening to 126.80. Japan’s currency was little changed at 97.98 per dollar from 98.01.
The euro rose against the dollar and reversed losses against the yen after Credit Suisse Group AG, the biggest Swiss bank by market value, said it returned to profit in the first quarter.
Japan’s currency erased earlier gains on speculation a rebound in Asian equities will prompt investors to purchase higher-yielding assets. The euro strengthened for a third day against the dollar before European reports today that may show the region’s manufacturing and service industries improved for a second month in April, adding to evidence the euro area’s recession is easing.
“Asian stock markets, a gauge for risk-aversion, rebounded following Credit Suisse’s earnings news,” Tomohiro Nishida, a foreign-exchange dealer at Chuo Mitsui Trust & Banking Co. in Tokyo. “The bounce back of stocks triggered buying of the euro and other higher-yielding currencies.” read more
Japan’s currency erased earlier gains on speculation a rebound in Asian equities will prompt investors to purchase higher-yielding assets. The euro strengthened for a third day against the dollar before European reports today that may show the region’s manufacturing and service industries improved for a second month in April, adding to evidence the euro area’s recession is easing.
“Asian stock markets, a gauge for risk-aversion, rebounded following Credit Suisse’s earnings news,” Tomohiro Nishida, a foreign-exchange dealer at Chuo Mitsui Trust & Banking Co. in Tokyo. “The bounce back of stocks triggered buying of the euro and other higher-yielding currencies.” read more
