Arab Today, arab today euro climbs against dollar before us data
Last Updated : GMT 12:26:24
Arab Today, arab today
Arab Today, arab today

Euro climbs against dollar before US data

Arab Today, arab today

Arab Today, arab today Euro climbs against dollar before US data

London - AFP

The euro firmed against the dollar on Friday following progress in the Greece debt saga, as traders looked ahead to US manufacturing data. In London deals, the European single currency rose to $1.4526 from $1.4499 late in New York on Thursday. Against the yen, the dollar gained to 80.69 yen from 80.55 yen on Thursday. \"After the second austerity vote was passed in Greece, market fears about a possible default have been put to bed for now,\" said Kathleen Brooks, an analyst at trading group Forex.com. \"It is expected that the EU/IMF and ECB will agree to release the next tranche of bailout funds for Greece\" on Saturday. The Greek parliament on Thursday passed legislation implementing a 28.4-billion-euro ($40 billion) austerity package despite fierce clashes in Athens, in a desperate bid to avoid national bankruptcy. \"Although the Greek debt problems have not been fundamentally resolved, concerns have eased for now after the parliament approval,\" said Sumino Kamei, senior analyst at the Bank of Tokyo-Mitsubishi UFJ. \"The euro is expected to move on a firm tone on expectation for the ECB\'s rate hike next week,\" Kamei said. The market will focus later on Friday on US manufacturing data after stronger-than-expected production figures in the Chicago region released on Thursday improved sentiment for the dollar, dealers said. \"Politics have taken centre stage for most of the past few weeks, but today economics was back in focus, particularly manufacturing data,\" added analyst Brooks. \"China, Australia, UK, eurozone and the US have or will report their latest manufacturing survey data today. The results so far suggest a further softening in global manufacturing activity last month.\" Growth in China\'s manufacturing activity almost stalled in June, with the official purchasing managers index falling for the third straight month to 50.9 in June from 52.0 in May, official data showed on Friday. In London on Friday, the euro changed hands at $1.4526 against $1.4499 late in New York on Thursday, at 117.21 yen (116.81), £0.9079 (0.9034) and 1.2293 Swiss francs (1.2184). The dollar stood at 80.69 yen (80.55) and 0.8462 Swiss francs (0.8403). The pound was at $1.5998 (1.6047). On the London Bullion Market, gold prices fell to $1,493.71 an ounce from $1,505.50 late on Thursday.

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