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By Yoshiaki Nohara and Ron Harui
March 8 (Bloomberg) -- The euro rose against the yen and the dollar for a second day as expectations increased Greece will get assistance, boosting demand for higher-yielding assets.
Europe?s currency strengthened against 11 of its 16 major counterparts after French President Nicolas Sarkozy yesterday said the euro region is ready to rescue Greece and before Greek Prime Minister George Papandreou meets U.S. President Barack Obama in Washington tomorrow. The yen dropped as Asian shares extended a global stock rally, curbing demand for Japan?s currency as a refuge.
?The U.S. is going to reinforce completely what France and Germany are telling? Papandreou, said Adrian Foster, head of financial-markets research for Asia at Rabobank Groep NV in Hong Kong. ?That is, you need to lead the solution and other people will fall in line with assistance.?
The euro rose to 123.90 yen, the strongest since Feb. 23, as of 7:18 a.m. in London from 123.00 yen in New York on March 5. Europe?s single currency advanced to $1.3693 from $1.3626.
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March 8 (Bloomberg) -- The euro rose against the yen and the dollar for a second day as expectations increased Greece will get assistance, boosting demand for higher-yielding assets.
Europe?s currency strengthened against 11 of its 16 major counterparts after French President Nicolas Sarkozy yesterday said the euro region is ready to rescue Greece and before Greek Prime Minister George Papandreou meets U.S. President Barack Obama in Washington tomorrow. The yen dropped as Asian shares extended a global stock rally, curbing demand for Japan?s currency as a refuge.
?The U.S. is going to reinforce completely what France and Germany are telling? Papandreou, said Adrian Foster, head of financial-markets research for Asia at Rabobank Groep NV in Hong Kong. ?That is, you need to lead the solution and other people will fall in line with assistance.?
The euro rose to 123.90 yen, the strongest since Feb. 23, as of 7:18 a.m. in London from 123.00 yen in New York on March 5. Europe?s single currency advanced to $1.3693 from $1.3626.
more....
