Home > business, europe > Euro Gains as European Banks Post Better-Than-Expected Results

Euro Gains as European Banks Post Better-Than-Expected Results

Originally posted on Bloomberg

The euro rose from a 10-week low against the dollar after European banks reported fourth-quarter results that beat some analysts’ forecasts, easing concern the region’s financial crisis will worsen.

The European currency snapped two days of losses versus the greenback and the yen after Commerzbank AG, Germany’s second- largest bank, posted a net loss of 809 million euros ($1.02 billion), compared with analysts’ median estimate for a loss of 851 million euros. ING Groep NV, the biggest Dutch financial company, had a loss of 3.71 billion euros, versus the 3.9 billion-euro loss it forecast last month.

The banks’ results “gave short-term relief to the euro,” said Nobuaki Kubo, vice president of foreign exchange in Tokyo at BBH Investment Services Inc., a unit of New York-based Brown Brothers Harriman & Co.

The euro climbed to $1.2617 as of 7:30 a.m. in London from $1.2582 late in New York yesterday. It earlier touched $1.2559, the lowest level since Dec. 4. Europe’s single currency advanced to 116.58 yen from 116.27 yen, and traded at 88.32 British pence from 88.37 pence.

Advertisements
Categories: business, europe Tags: , ,
  1. No comments yet.
  1. No trackbacks yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: