Euro Gains Against Yen and Dollar: Economy is Recovering

A sign the economy is recovering, was boosted by the euro which gained against the yen and the dollar boosting demand for higher-yielding assets. The dollar fell against 14 of its 16 major counterparts.

This has come after the Group of 20 governments agreed to keep stimulus measures and remained silent on the greenback’s decline this year. It was the New Zealand’s dollar that gained the most in more than a week as Auckland-based Fonterra Cooperative Group Ltd., the world’s biggest dairy exporter, raised its forecast for milk prices by 19 percent because of growing global demand.

The senior strategist in Tokyo at Mizuho Trust & Banking Co Masahide Tanaka, said “Overall, economic data are turning positive, demand remains strong for commodity and higher yielding currencies.”

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