FX round-up: Euro rises against dollar on central bank reports

Date: Friday 15 Jun 2012

The euro rose against the dollar on Thursday, pushed higher by reports that central banks are planning coordinated action if required after this coming weekend's Greek elections.

A report by Reuters said the banks are ready to ensure that there is sufficient cash flowing through the financial system in the event that liquidity is required following the vote in Greece. Egypt and France also go to the polls this week-end.

The euro rose from $1.2579 on Wednesday to $1.2613 last night, a notable rise given that it hasn't closed higher than $1.26 since last month.

The dollar index, which measures the greenback against a basket of six other major currencies, declined from 82.126 mid-week to 81.917 yesterday.

Meanwhile, the pound rose to buy $1.5553, against $1.5522 the day before.

The Swiss franc experienced a brief leap after the Swiss National Bank once again called for the enforcement of the minimum exchange rate, saying it was ready to purchase foreign currency in limitless amounts to achieve this aim.

The euro was trading at 1.2015 Swiss francs, compared with 1.2007 the previous day.

NR

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