Tuesday, August 28, 2012

Euro pushes up against dollar

WASHINGTON: The euro rebounded against the dollar Tuesday, pushing higher in early trade after falling for two straight days and then holding ground following a poor US consumer confidence reading.

At around 2300 GMT, the euro was at $1.2565, up 0.53 per cent on the dollar from late Monday.

The euro also picked up against the yen, rising to 98.68 from 98.41 yen Monday. The dollar fell to 78.49 yen from 78.74.

Markets were on watch for more signals of possible stimulus from US Federal Reserve chairman Ben Bernanke in a keynote speech on Friday.

"The greenback may face additional headwinds going into the Jackson Hole Economic Symposium as market participants increase bets for another round of quantitative easing," said David Song of DailyFx.

The British pound rose to $1.5819 from $1.5792. The dollar was at 0.9558 Swiss francs, compared to 0.9609 francs Monday.

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