Currencies

Euro Strenthens Versus Dollar, Yen as ZEW Confidence Report Beats Forecast The euro gained against most major currencies after European finance ministers worked out a strategy for emergency loans to Greece should the nation’s plan to reduce the region’s biggest budget deficit fail.

Ex-Merrill Trader Banned by FSA for Mismarking Positions to Cover Losses Alexis Stenfors, a former senior trader at Bank of America’s Merrill Lynch unit in London, was banned for at least five years from holding a similar position after he mismarked positions to cover up losses.

North Korea's `Draconian' Currency Revaluation Led to Food Crisis, UN Says The North Korean government’s revaluation of its currency last year caused severe inflation and, combined with a poor harvest, produced “widespread suffering,” a United Nations human rights analyst said.

Canada Finance Minister Flaherty Says Loonie Near Parity Is `Competitive' Canada’s currency, trading the closest to parity with its U.S. counterpart since July 2008, is at a level that continues to keep the nation’s economy competitive, according to Finance Minister Jim Flaherty.

Dollar May Strengthen 4% on Break of `Resistance Zone': Technical Analysis The dollar may advance to this year’s high against the yen if it breaks through a “zone of resistance” near its 200-day moving average, JPMorgan Chase & Co. said, citing trading patterns.

Democrats Increase Pressure on Obama to Demand China Raise Yuan's Value Democratic lawmakers, prodding President Barack Obama to take a tougher line on China’s currency, are drawing up legislation and convening hearings on the yuan’s effects on U.S. companies.

Brazil Real Gains, Extends Best Performance in Past Month Among Currencies Brazil’s real gained 0.2 percent to 1.7607 per U.S. dollar at 8:13 a.m. New York time, from 1.7644 yesterday. The real is the best performer among 16 major currencies against the dollar tracked by Bloomberg in the past month, rising 5.3 percent.

Swiss Franc Rises Versus Euro on Speculation SNB Relaxing Interventions The Swiss franc strengthened to the highest level in almost a year and a half against the euro amid speculation the central bank is relaxing resistance to the currency’s gains as the economic recovery takes hold.

Ruble May Gain 18-20% Over Next Three Years, Deputy Minister Klepach Says The ruble may strengthen as much as 20 percent in the next three years, hurting manufacturers and constraining economic growth, Russian Deputy Economy Minister Andrei Klepach said.

EU Ministers Lay Groundwork for Lifeline to Greece, Deny Threat of Default Europe’s blueprint for a financial lifeline to Greece amounts to an unprecedented bet by finance ministers that they can avert a euro crisis by sidestepping the no-bailout rules intended to sustain the 11-year-old currency.

Ireland's Debt Management Chief Says Bond Sellers Need to `Walk the Walk' Ireland’s debt management chief has a message for countries struggling to convince investors they can pay their bills: “No waffle.”