Euro above $1.35 for first time in 13 months
FRANKFURT (MarketWatch) — The euro rally continued Wednesday, with the shared currency topping the .35 level for the first time since December 2011 and hitting its highest level versus the Japanese yen since April 2010. The euro traded as high as .3516 and changed hands in recent action at .3505, up from .3490 in North American trade late Tuesday, as traders await data on fourth-quarter U.S. gross domestic product growth and the conclusion of the Federal Reserve’s first policy meeting of the new year. The euro fetched 123.20 Japanese yen , up from 122.57 yen. After breaking above .35 the euro “seems unstoppable right now, boosted by euro repatriation, month-end flows, and the fact that the [European Central Bank's] balance sheet is shrinking (at least for now),” wrote strategists at FxPro in London.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
