Monday 29 June 2009

Forex: EUR/USD rises above 1.4000 after the EU consumer confidence good data

Mon, Jun 29 2009, 09:10 GMT (Barcelona) - EUR/USD has jumped above 1.4000 level on better than expected EU June consumer confidence data, after trading in a small range between 1.3990 and 1.4000 in the previous minutes.

Currently the pair is trading around 1.4010/20, 0.40% below today's opening price.

According to Anna Coulling, analyst at Master and Markets, comments that Dollar is higher on PBOC comments: "The US dollar rose against the Japanese yen and euro in Asia Monday, after comments from China Sunday suggested that the country would not change its policy of keeping the dollar as its key foreign reserve currency for now. The markets took the remarks as a sign that the dollar will continue to keep its role as a major reserve currency, prompting short term investors and hedge funds to buy the U.S. dollar, as a sign of renewed confidence."

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