The euro rose to its highest in nearly two weeks against the dollar on Tuesday, with traders citing Asian central bank demand and saying it extended gains after breaking through technical levels, triggering stop loss buy orders.
The euro rose to $1.24149, its highest since Aug. 7.
It broke above the Aug. 14 high of $1.2386 and the 55-day moving
average at $1.2390 to trigger stop loss buy orders on the break
above $1.2400.
Its gains also helped sterling rise to a three-week
high of $1.5757 while the euro also rose to a six-week high
against the yen of 98.55 yen on EBS trading platform.
The euro's gains came as talk of European Central Bank
action to ease Spanish and Italian borrowing costs resurfaced
after a weekeend report that it would target specific yield
levels as part of any bond-buying programme, despite the ECB
trying to quash that speculation on Monday.
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