Berlusconi jibe fails to dampen the euro
The euro rose from its low of the day of $1.2036 after the German federal labor agency said the number of job seekers fell by 42,000 to 4.81 million in July. The euro is up about 1.7 percent from a 14-month low of $1.1868 on July 5 as European Central Bank officials said an interest rate cut was not necessary. "We seem to have found a base" in the euro, said John McCarthy, a director of currency trading in New York at ING Financial Markets. European stock markets, which jumped to three-year highs. Strong earnings from companies like DaimlerChrysler, Telefonica and France Telecom lifted the mood. In late trading, the euro rose to $1.2139 from $1.2078 late Wednesday. The dollar slipped to 112.080 from 112.330 and to 1.2858 Swiss francs from 1.2941 francs, while the pound rose to $1.7578 from $1.7455
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