The euro rose against the U.S. dollar and the Japanese yen as the expanding Asian economies suggested that the global economic recovery wouldn’t be slowed by the troubles in Europe, boosting the stocks and easing the volatility on the global markets.
Chinese exports rose by almost 50 percent compared to the previous year, while Japan reported that the consumer spending and the exports helped to expand the nation’s economy more that expected. The Standard & Poorâs 500 Index rose by 2 percent and the MSCI World Index went up 1.9 percent. The euro also gained as the constitutional court rejected the attempt to prevent the nation from granting the aid guarantees and the European Central Bank will continue buying the government bonds.
Asia returned to the investors the willingness to risk, which helped the European currency to regain some of its strength. The European Central bank also added to the signs that it’s too early to consider the European economy in a state of emergency.
EUR/USD traded today near 1.2114 as of 19:42 GMT after it opened at 1.1978. EUR/JPY rose to 110.55 from the opening level of 109.33.
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