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Euro Pares Advance on Concern Crisis Solution Will Elude Summit
Oct 21,2011 08:51CST
industry news
Source:SMM
The euro pared its gain against the dollar on concern European leaders will struggle to agree on a solution to the region’s debt crisis at a summit this weekend.

Oct. 20 (Bloomberg) -- The euro pared its gain against the dollar on concern European leaders will struggle to agree on a solution to the region’s debt crisis at a summit this weekend.

The 17-nation currency rose earlier today after European Commission President Jose Barroso said a “positive outcome” was possible at an Oct. 23 meeting of European leaders in Brussels. Draft guidelines showed planned changes to the euro region’s bailout fund may allow increased credit lines for countries such as Italy and Spain.

“The uncertainty in Europe remains very high, and expectations are all over the map,” said Michael Woolfolk, senior currency strategist in New York at Bank of New York Mellon Corp., the world’s largest custodial bank, with more than $26 trillion in assets under administration. “It’s quite remarkable the euro is able to maintain its current level.”

The euro was little changed at $1.3774 at 8:45 a.m. New York time, after advancing 0.6 percent. The European currency gained 0.4 percent to 106.08 yen. The dollar appreciated 0.3 percent to 77.04 yen after falling 0.2 percent.
 

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