Euro rebounds from two-year lows

Reported by AAP
Saturday, July 14, 2012

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The euro has rebounded against the US dollar late after hitting a two-year low earlier in the day.

Traders bought the euro on Friday after China's latest economic data met economist's expectations and Italy held a successful bond auction.

China said its economy grew by 7.6 per cent in the second quarter, down from the previous quarter's 8.1 per cent.

Italy sold $US4.3 billion ($A4.26 billion) of three-year bonds and paid a lower interest than it did at a similar auction in June. That's a sign that investors are more confident in the country's finances.

The euro rose to $US1.2241 late on Friday from $US1.2195 late on Thursday. The euro was as low as $US1.2161 in morning trading, its lowest point against the dollar since July 1, 2010.

The dollar also weakened against most other major currencies.

The British pound rose to $US1.5570 from $US1.5428.

The dollar fell to 79.27 Japanese yen from Y79.31, to 0.9812 Swiss franc from Sfr0.9846 and to 1.0141 Canadian dollar from $C1.0186.

25/05/2013 20:43Sydney, Australia. 25 May,2013
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