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June 8, 2005    

Euro returns to gains

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by Brian Turner
Euro returns to gains

The euro saw gains against the dollar, the yen, and sterling on Wednesday.

The shared currency, beset by recent declines that took it to record lows, gained 0.2 percent to $1.2304 in relation to the dollar. The euro has gained 1.1 percent on the dollar since it reached an 8-month low last week.

It was up 0.4 percent against the yen, on speculation that the Bank of Japan might intervene to weaken the yen against the euro, as has been done in the past in relation to the dollar.

This was despite analysts’ opinion that such a move is not likely any time soon. The euro gained 0.2 percent to £0.6706 in relation to sterling.

The Swedish krona lost 0.6 percent in relation to the euro to SKr9.1905 as data was released showing that the Swedish GDP growth rate was 0.3 percent, half of what had been expected.

The yen, meanwhile, fell 0.2 percent in relation to the US dollar, to ¥106.84 and also lost 0.2 percent to ¥196.00 against sterling.

These declines are attributed to proposed changes in Japan’s commercial code, which if enacted could cause some foreign companies to leave Japan.

Also influencing trade were the continuing speculation over possible currency reform in China and another decline in Japan’s leading economic indicators.

The US dollar declined a fraction in relation to sterling to $1.8360 and was down to $0.7692 against the Australian dollar.

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