Currencies: Euro Creeps Higher
The euro is ticking up quietly this morning on the heels of a
dramatic slide in the single currency over the past two weeks.
The euro traded for $0.8512 recently, up from Friday's close of $0.8474. The euro also gained on the yen, recently climbing to 101.81 yen per euro, from 101.06 yen at the last close.
The dollar crept higher against the yen to 119.61 yen per dollar, from 119.29 yen per dollar on Friday.
The sharp fall of the euro and the rise of the yen in the past few weeks have traders talking about the possibility of intervention to prop up the currency. And while intervention in the currency markets has been downplayed in the past week, officials over the weekend were reported to have reminded traders that a coordinated effort by multiple central banks -- in this case, likely the
Bank of Japan
and ECB -- is still a possibility.
For the first time since the
European Central Bank
cut interest rates in a surprise move on May 10, all 15 European Union finance ministers convene today to discuss the financial state of the union.
The dollar is mixed in trade against the other major world currencies. The British pound slipped this morning against the dollar, recently trading for $1.4174, a little below its closing price of $1.4185 on Friday.
The U.S. dollar is weakening slightly against the dollar bloc. Australian dollar traded for $0.5098 most recently, up from $0.5084. The U.S. coin fell against its northerly neighbor to C$1.5305, down from C$1.5362 at last close.