Euro Gains on Belief ECB To Buy Bonds

The euro gained 0.1 percent on the dollar rising to $1.3924 in New York this morning as speculation grows the European Central Bank will buy bonds to help Eurozone countries facing debt pressures. Bonds issued by Portugal, Greece, and Ireland are the most likely targets if the rumors prove true.

“The euro turned after there was talk, which we can’t confirm, in the market that the ECB checked prices of some peripheral bonds,” said Geoffrey Yu, a currency strategist at UBS AG in London. “The factory output is strong.”

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