The euro advanced to its highest level versus the dollar since the region’s $1 trillion bailout was announced May 10 on evidence the European economy is recovering at a faster pace than the U.S.
The 16-nation currency appreciated as a report showed European confidence in the economic outlook rose to the highest level in more than two years this month and German unemployment decreased. Economists say a report due tomorrow will show slowing U.S. economic growth.
“What’s helping the euro is continued strong data,” said John Doyle, a strategist in Washington at the currency-trading firm Tempus Consulting Inc. “That German unemployment number as well as the economic confidence, it’s enough to push it higher.”
For more: Euro Advances to Two-Month High on Bets Europe Recovering Faster Than U.S. - Bloomberg
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