Euro Gains on Anticipation of Rates Increase by ECB

The euro rose today against the US dollar and the Japanese yen on the speculation that the surge of the oil prices will cause the European Central Bank to raise the interest rates to deal with the inflation.

ECB President
Jean-Claude Trichet said today that the policy makers will take actions to preserve the economic stability. The oil prices reached the highest level in two years as the conflict in Libya continues.

EUR/USD rose from 1.3651 to 1.3756 today as of 15:14 GMT, while EUR/JPY advanced from 112.96 to 113.54 after reaching 113.81 previously.

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