Euro ascends to three-week high
Concerns about the US economy slowed and broadly improved corporate earnings lifted risk appetite, both of which helped the euro hit a three-week high against the dollar. Earnings and data from the housing sector suggest the US economy is showing signs of recovery, but investors are sill hesitant to dump money into it as they search for higher yields.
The focus this week will be on Federal Reserve Chairman Ben Bernanke's semi-annual monetary policy testimony to Congress because the lack of other information to drive the market. If investors pick up on clues that the Fed will begin to unwind some of the huge stimulus measures, they will perceive it as evidence that the US economy could show positive growth and strengthen risk appetite.
The US information has allowed the euro exchange rate to rise as far as USD1.4180, even better than late Friday's USD1.4107.
The rates quoted above are interbank rates. Client rates may vary according to the volume and timing of the trade.