The euro traded near its highest in almost six weeks against the dollar before data today forecast to show a rebound in French industrial production.
The shared currency reached its strongest in five years versus the yen ahead of a speech by European Central Bank President Mario Draghi today. The dollar rose to a six-month high against Japan’s currency after Federal Reserve Bank of Dallas President Richard Fisher said the U.S. central bank should begin dialing back its asset purchases as soon as possible. The pound held its biggest gain in more than two weeks before the release of a factory output report today.
“It would be difficult for the ECB to ease further,” said Marito Ueda, a senior managing director at currency-margin company FX Prime Corp. in Tokyo. “The euro has been stable. The money that flew out of the region during the crisis is starting to come back.”
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