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Euro Ends 9-Month Tumble

Euro Ends 9-Month TumbleEuro Ends 9-Month Tumble

The euro’s nine-month tumble is history. The 19-nation currency posted its biggest weekly gain versus the dollar in six weeks on signs the European Central Bank’s stimulus plan has the region’s economy ready to generate stronger growth and inflation, Bloomberg reported. US first-quarter economic growth was slower than forecast, meanwhile, fanning speculation the Federal Reserve won’t rush to raise interest rates. “The euro has looked heavily oversold for a while,” Shaun Osborne, head of global foreign-exchange strategy at Toronto-Dominion Bank, said by e-mail. “It has brought a much needed correction to the market.” The euro gained 3% to $1.1199 this week in New York, staging a six-day climb that was the longest rally in more than a year.

Financialtribune.com