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The euro rose versus the dollar for the first time in three days as German business confidence unexpectedly held near a record high, fueling bets the European Central Bank will resume boosting interest rates even as the region’s debt crisis intensifies.
The dollar remained lower versus most peers as purchases of new houses rose in April to the highest level this year. Sales increased 7.3% to a 323,000 annual pace last month, Commerce Department data showed today
“Ifo is a timely reminder that the most important economy in Europe is still motoring along,” said Richard Franulovich, a senior currency strategist at Westpac Banking Corp. in New York. “It’s probably enough to confirm the ECB’s own thinking that the core of Europe is still strong and they need to move away from some of that accommodative policy.”
“This can probably run to $1.42 to $1.4250 in the next 24 to 48 hours, and that wouldn’t alter the fundamental story that ultimately the euro is going to trade lower,” said Franulovich.
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