Euro May Rise for Second Day on Eased Banking Concern in Europe - by Ye Xie and Anchalee Worrachate
The euro may gain against the dollar for a second day on reduced speculation that eastern European banking losses will cause regional financial turmoil to worsen. The 16-nation currency rose yesterday from near a three- month low, and Goldman Sachs Group Inc. said the euro will increase more than 6 percent to $1.35. The dollar and yen tumbled against most of their major counterparts on reduced demand for the U.S. and Japanese currencies as havens. “The euro is definitely oversold,” said Franco Marsico, Chappaqua, New York-based head of Greenbriar Forecast Inc., a currency hedge fund with $50 million under management. “A move above $1.30 will give me impetus to buy the euro more aggressively.”
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