Dhaka, Bangladesh (BBN)- The European currency (EUR) strengthened against the US Dollar (USD) as evidence of a recovery in the global economy from recession increased demand for higher-yielding assets.
EUR traded at 1.5006 against the USD, touching as high as 1.5061. The currency strengthened against the Japanese Yen (JPY) as well to trade at 138.15, according to reports.
The British Pound (GBP) declined against the EUR after the UK’s economy unexpectedly contracted, amid expectations that the Bank of England will increase its 175 billion-pound (USD 286 billion) program to buy bonds. GBP traded at 92.02 pence against the EUR.
BBN/SS/SI/AD-25Octpber09-2:02 pm (BST)