Euro Strengthens as Industrial Production Expands

The euro strengthened today against the U.S. dollar and the Japanese yen as the report was released, showing that the industrial production grew in the European Union.

Eurostat, the statistical office of the European Union, reported that in April 2010 compared with March 2010, seasonally adjusted industrial production grew by 0.5% in the European Union and by 0.8% in the euro area. The European Central Bank reassured that it would continue purchases of the government bonds until the sovereign-debt crisis would be resolved, adding to the confidence on the financial markets.

EUR/USD traded near 1.2251 as of 9:37 GMT today, going up from its opening level of 1.2118. EUR/JPY traded at about 112.62.

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