Markets
Euro hits NY session high vs dollar, pierces $1.45
NEW YORK : The euro rallied to a New York session high on Friday after Federal Reserve Chairman Ben Bernanke said the
NEW YORK: The euro rallied to a New York session high on Friday after Federal Reserve Chairman Ben Bernanke said the central bank can do more to boost growth but offered no details on how it might act.
Analysts said the choppy trade in currencies and other markets -- stocks swung from losses to gains after Bernanke spoke while Treasuries fell -- reflected concern about the US economy and a realization that US interest rates will stay at record lows for years to come.
The euro was last up 0.8 percent at $1.4494, after reaching a New York session peak of $1.4501. It fell as low as $1.4327 after Bernanke spoke.
Copyright Reuters, 2011
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