On Tuesday the euro rise against the dollar, reversing earlier losses as a firmer-than-expected German sentiment survey offset concerns about the country’s banking sector.
Rise in the German Ifo
A bigger-than-expected rise in the German Ifo November business climate index has helped the euro. The index rose to 93.9, a level that has not seen since the collapse of Lehman Brothers last year. This has lifted optimism that Germany’s recovery can gain momentum.
Euro
After falling as low as $1.4889 by 1239 GMT, the euro EUR= was up 0.1% at $1.4975. On Monday it hit a one-week high of $1.5001 but has recently struggled to hold above $1.50.
Traders cited options with a strike price of $1.5000 and $1.5050 which were set to expire later in the day.
Euro against Yen
The euro was down 0.3% at 132.68 yen against the yen EURJPY=R.
Dollar index
The dollar index was steady at 75.064 .DXY. This is the index by which the performance of the greenback against a basket of six other major currencies is tracked.
Standard and Poor’s raised concerns about some major banks
After a report on Monday by U.S. ratings firm Standard and Poor’s raised concerns about the health of some major banks, the dollar and yen gained against riskier currencies.
Yen become firm
The yen secured firmness, having the dollar down 0.4% to 88.58 yen JPY=, after earlier touching a six-week low of 88.56 yen on trading platform EBS.
Australian dollar and New Zealand dollar
The Australian dollar was down 0.4% at $0.9203 AUD=D4, it is lower than a 15-month high of $0.9407 last week, whereas the New Zealand dollar NZD=D4 fell 0.7% to $0.7281.
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