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Euro Rallies To A 19-month High
The euro surged past the key 1.30 dollars mark Friday for the first time in 19 months as confidence grew about Europe's economic outlook and the countdown got underway to next month's widely expected European Central Bank rate hike. The common currency hit 1.3074 dollars in mid-morning trading to reach its highest level since April 2005. This brought the euro's rise for the year to about 10 per cent. Friday's increase in the euro coincided with the release of France's business confidence survey, which showed optimism in the 12-member eurozone's second biggest economy remaining buoyant and holding close to a five-year high in November.
This came in the wake of the release of Thursday's business confidence survey for Germany, the currency bloc's largest economy, which posted a surprise rise in November that pushed the index back up to the 15-year-high that it reached in June.
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