By: Sara Patterson
The Euro surged higher for the second day yesterday as the Portuguese bailout package was confirmed in Brussels. There is also speculation that the ECB will raise the interest rates again as the region’s economy and inflation rise. The first look at the bailout package will is scheduled to be provided by the end of this month.
In London trading yesterday, the Euro traded at $1.4170, up from $1.4156 last week. Likewise, the common currency rose against the yen, up to 115.39, up from 114.37.
In advance of a Fed report due out this week, the dollar gained significantly against the yen. The upcoming report is expected to announce an increased rise in US industrial production. The dollar is also expected to rise in light with the end of the $600 billion bond buyout program, slated to end in June.
Finally, in Australian news, the Australian dollar rose notably in its 16 most popular currency pairs, as announcements that the country’s central bank may raise borrowing costs circulated widely.