Euro gains on yen, USD

Story link: Euro gains on yen, USD

The euro gained on the US dollar and the yen after a new survey showed that German investor confidence grew in February and on comments from a German official.

The German finance minister said he doesn’t see any need for change in Eurozone monetary policy, despite comments from the European Central Bank’s president that implied that interest rates could be cut soon.

Meanwhile a new ZEW survey of investor confidence in Germany showed that its index of investor expectations advanced to    -39.5 this month, up from -41.6 in January, despite analyst expectations that it would fall to -45.

In early afternoon trade in New York, the euro traded at $1.4588 per euro, at ¥156.5564 to the euro and at 74.38p to the shared currency.

The yen declined against all major currencies on gains in equities markets and after Warren Buffet offered to reinsure up to $800 billion in municipal liabilities carried by several bond insurers.

The Japanese currency traded at ¥107.3150 to the US dollar and at ¥210.4748 to the pound.

Conversely, the Canadian dollar was higher versus all major currencies on gains in equities markets and as investors bought high-yield currencies.

The loonie did the best versus the yen, trading at ¥107.4386 in early afternoon trade in New York, while it cost $1.0012 to buy a Canadian dollar.