Date November 29 ,2011
Euro rose against dollar on hopes that plan to stop Europe's debt crisis from spreading is in work.
Hopes rose Monday that the International Money Fund is putting together a $794 billion rescue package for Italy. Investors are hoping that European leaders will finally agree on a solution to the region s debt crisis.
The euro rose to $1.3315 in afternoon trading Monday from $1.3230 late Friday. The euro fell to a 7 1/2-week low against the dollar Friday after Italian borrowing rates soared, a sign that investors were worried the country may not be able to pay its debts.
In the US, the National Retail Federation said Sunday that 226 million shoppers visited stores and websites during the Thanksgiving holiday weekend, up from 212 million last year. They also spent more. The average shopper spent $398.62, up from $365.34 a year ago.
Traders felt more comfortable buying the euro and other high-yielding risky currencies since they view the increase in spending as a sign that the US might avoid another recession.
In other trading, the British pound rose to $1.5513 from $1.5433. The dollar fell to 0.9228 Swiss franc from 0.9318 and to 1.0344 Canadian dollar from 1.0503 Canadian dollar.
The dollar rose to 77.94 Japanese yen from 77.76 Japanese yen.
0 comments:
Post a Comment