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Euro down slightly to $1.25

Euro down slightly to $1.25

The euro gave up only a little ground against the U.S. dollar on Tuesday as stock markets rebounded and interbank lending showed signs of thawing _ which may prompt investors to pull funds out of dollars.
The 15-nation euro bought $1.2500 in European morning trading, a little below the $1.2522 in bought in New York late Monday and a contrast with some big falls in recent days.
"There's mounting speculation that the massive equity sell-off may be coming to an end," with Asian stock markets apparently stabilizing somewhat _ "and with this, there is a move to start pulling some funds out of dollars," said James Hughes, a currency analyst at CMC Markets.
"As a result, the greenback is retreating from recent highs but it's worth cautioning that this could easily be reversed if confidence in stocks wanes again," he said.
European central banks' overnight dollar offers to banks have been less in demand in recent days as well, indicating that more normal lending between banks is resuming.
As for other currencies, the British pound rose to $1.5585 from Monday's level of $1.5276. The dollar climbed to 94.72 Japanese yen from 93.93 yen.


Updated : 2021-05-09 16:42 GMT+08:00