Tuesday, 04 September 2012 10:16
SINGAPORE/SYDNEY: The euro rose against the dollar on Tuesday, nearing a two-month high hit last week, supported by hopes the European Central Bank will soon unveil details of a plan to tackle the region's debt crisis.
The single currency rose 0.2 percent to $1.2615, hovering close to a high of $1.26378 seen last Friday on trading platform EBS, its strongest level since early July.
Traders said the paring back of bearish bets against the euro probably helped bolster the single currency, and there was also talk of euro buying by Asian players as well as euro buying against the yen by Japanese players.
Helping support the euro were expectations that the ECB will announce, after its policy meeting on Thursday, details of a long awaited debt-buying scheme to help ease funding pressures for stressed states.
Those hopes were given a boost on Monday after ECB President Mario Draghi was reported as saying purchases of ...