Tuesday, 10 January 2012

Euro holds gains versus Dollar, Yen before Merkel and Lagarde meeting


The euro held a one-day gain versus the dollar before Germany’s chancellor and the International Monetary Fund’s managing director meet amid optimism Europe’s leaders are taking steps to resolve the debt crisis. The 17-nation currency remained higher against the Yen after yesterday’s advance as the leaders of Germany and France discussed a rulebook for closer fiscal union within the euro area. The Swiss Franc maintained a three-day gain versus the euro on prospects traders may test the nation’s currency ceiling after central-bank Chairman Philipp Hildebrand’s resignation. The Australian and New Zealand dollars gained as Asian stocks rose, boosting demand for higher-yielding assets. German Chancellor Angela Merkel said Greece would be the focus of talks with IMF Managing Director Christine Lagarde today in Berlin. “We want Greece to stay in the euro,” Merkel said in a joint press conference with French President Nicolas Sarkozy after the two leaders met yesterday.

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