LONDON (AFX) - The euro found some renewed support after an exceptionally strong survey into the German economy, the euro zone's largest
The ZEW research institute said its German economic expectations index for January rose 12.5 points to +26.9 from +14.4 in December and expectations of a moderate increase to 19.0
The single currency struck a day's high of 1.3170 usd, up from around 1.3120 usd before the data's release
Steve Barrow, currency strategist at Bear Stearns, said the better-than-expected data gave the market an "excuse" to buy the euro
"There's a little bit of a turnaround from last week when strong German data was largely ignored," he said
"This is indicative of a short-term sentiment shift," he added
That shift was sparked overnight when US Treasury Secretary John Snow dampened down on speculation the Bush administration was growing concerned about the US currency's depreciation
The dollar had mounted a surge on Friday when Snow said the administration will back its so-called strong dollar policy with sustained action on the budget deficit, without making any explicit reference to the market. However, in overnight comments Snow insisted he believed in market forces and free capital flows.
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