Euro, Yen touch monthly highs

03/05/2016 05:23 AST

The euro and the Yen both rose to monthly heights on Monday on speculation on the lack of any foreseeable central bank intervention in the US.

The euro rose for a sixth day in a row, moving past $1.15 for the first time in eight months on speculation that US may not raise rates soon.

The euro rose 0.50 per cent to $1.1506 in New York, after climbing to $1.1532, the highest level since September 2015. The euro has risen 5.01 per cent since January 2016.

Expectations for higher rates in the US have faded since the Fed’s meeting last week. Officials downgraded their assessment of economic growth, even as they emphasised improvement in the labour market and reduced overseas headwinds. By contrast, European data on April 29 showed the economy expanded more than analysts predicted in the first quarter and unemployment declined in March to the lowest since 2011.

In Japan, the yen rose to its highest level in 18 months. The yen soared almost 5 per cent on the final two trading days of last week as the Bank of Japan unexpectedly refrained from boosting stimulus.


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