The euro rallied today against the US dollar and the Japanese yen, erasing its losses, after the global equities advanced and the good macroeconomic data from Europe suggested that the economic recovery continues.
The Standard & Poorâs 500 Index rose 2 percent, the biggest advance in three weeks. The MSCI Emerging Markets Index went up 0.8 percent, heading for the highest closing level since July 2008. The MSCI Asia Pacific Index deviated from the common trend, declining 0.1 percent after the four consecutive weekly gains.
Today’s reports signaled about improving economic conditions in Europe. The German business confidence unexpectedly improved. The import and export prices in Germany rise in August, by 0.2 percent and 0.4 percent respectively. The seasonally adjusted Italian retail trade index was unchanged In July 2010 with respect to the previous month, while the experts predicted it to decline 0.4 percent.
EUR/USD went up today from 1.3313 to 1.3483 as of 19:35 GMT after it earlier touched the daily low of 1.3286. EUR/JPY advanced from 112.33 to 113.68.
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