The euro reached a record high against the yen ahead of the expected interest rate decision by the European Central Bank (ECB), while also reaching its strongest level against the dollar for two years.
This morning, the euro was trading at 160.68 yen, Bloomberg reported, down from the all-time high of 160.87 yen yesterday.
The ECB is holding a press conference later today to discuss interest rates and analysts believe its president, Jean-Claude Trichet, will explain that the bank will need to hike interest rates.
Reuters noted that the euro has been given a boost by "steady" interest rate rises by the ECB.
Meanwhile, a weaker yen on Wednesday saw the European currency gain more ground in trading as Japanese investors continue to purchase high-yield foreign assets at the start of a new fiscal year.
It is believed that the euro's strong performance against the dollar and the yen will continue.
Nobuaki Tani, senior currency dealer at Resona Bank in Tokyo, told Bloomberg that the euro could increase to 161 yen and $1.3500.
Please note: All rates are subject to change, for the latest up-to-date rates check our Currency converter
Contact Us
Currency Converter
Today's Currency News
Markets are gearing up for an action-packed trading session, with key policy meetings of the BoE and...
Currency Rates
| US Dollars | 1.5850 |
| Euros | 1.1921 |
| Swiss Francs | 1.4437 |
| Australian Dollars | 1.4673 |
| South African Rand | 12.031 |
| GBP indicative mid-market rate at 16:25. Please call for quote. | |
Currency Solutions Ltd is registered in England, Company No. 4864491.
© 2003 - 2012
Registered address is Hobbs Court, 2 Jacob Street, London SE1 2BG.
HM Revenue & Customs, No. 12162570
Regulated and authorised by the Financial Services Authority,
as a Payment Institution, No. 512130