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13.06.2012 18:03

American focus: euro strengthened for a second day against the dollar

 

The euro strengthened for a second day against the dollar as speculation increased Greece may seek to modify its austerity program following the June 17 election in a bid to remain in the monetary bloc.

Greek politician Alexis Tsipras said he expects the European Union will do all it can to keep the nation in the euro even if he wins elections and carries out his promise to repeal the austerity measures.

The shared currency has fallen 5 percent against the dollar since April as crisis concern increased after Greece’s inconclusive May 6 election. The euro traded as high as $1.3487 this year, in February.

European leaders may consider relaxing Greece’s austerity program after election, the Financial Times edition reported without citing anyone.

Italy sold 6.5 billion euros of 364-day bills at an average yield of 3.972 percent, compared with 2.34 percent at an auction on May 11. Germany sold 10-year bonds and index-linked debt maturing in 2018.

The dollar fell versus a majority of its most-traded peers as U.S. retail sales fell in May for a second month, a sign the world’s largest economy is cooling.

The dollar erased its gain versus the yen after the U.S. Commerce Department reported a 0.2 percent decrease in retail sales in May, following a similar decline in April that was previously reported as a gain.

13.06.2012 18:41

European stocks close:

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