The euro rose from near a three- month low against the dollar on speculation German Chancellor Angela Merkel will signal Europe’s largest economy plans to take action to help avert the financial turmoil in the region.
The euro snapped three days of losses against the dollar after Finance Minister Peer Steinbrueck said yesterday Germany would show its ability to act as some of the 16 countries that share the currency are getting into difficulties. Merkel will hold a joint press conference with European Commission President Jose Barroso in Berlin today.
Eurozone countries have started to recognize the importance of the financial system and begun to address it properly. Optimism about the stabilization of the European financial system may help to halt the recent steep decline of the euro.
The euro climbed to $1.2582 from $1.2530 late in New York yesterday. Europe’s single currency advanced to 117.81 yen from 117.50 yen. The dollar traded at 93.64 yen from 93.79 yen yesterday.
Merkel’s Cabinet also approved yesterday a draft bill allowing the state to take control of property lender Hypo Real Estate Holding AG, paving the way for the first German bank nationalization since the 1930s. The bill, which will be put to parliament on April 3, allows the government to carry out compulsory purchases of shares in “systemically relevant” banks.
Gains in the euro may be tempered by concern European companies will report steeper-than-expected losses stemming from the global financial turmoil.
Some of the company are Axa SA, Europe’s second-largest insurer, will probably report today a net loss of 1.76 billion euros. BNP Paribas SA will today likely post a loss of 1.36 billion euros, and Deutsche Postbank AG, may report a quarterly loss because of credit-related writedowns.
The euro snapped three days of losses against the dollar after Finance Minister Peer Steinbrueck said yesterday Germany would show its ability to act as some of the 16 countries that share the currency are getting into difficulties. Merkel will hold a joint press conference with European Commission President Jose Barroso in Berlin today.
Eurozone countries have started to recognize the importance of the financial system and begun to address it properly. Optimism about the stabilization of the European financial system may help to halt the recent steep decline of the euro.
The euro climbed to $1.2582 from $1.2530 late in New York yesterday. Europe’s single currency advanced to 117.81 yen from 117.50 yen. The dollar traded at 93.64 yen from 93.79 yen yesterday.
Merkel’s Cabinet also approved yesterday a draft bill allowing the state to take control of property lender Hypo Real Estate Holding AG, paving the way for the first German bank nationalization since the 1930s. The bill, which will be put to parliament on April 3, allows the government to carry out compulsory purchases of shares in “systemically relevant” banks.
Gains in the euro may be tempered by concern European companies will report steeper-than-expected losses stemming from the global financial turmoil.
Some of the company are Axa SA, Europe’s second-largest insurer, will probably report today a net loss of 1.76 billion euros. BNP Paribas SA will today likely post a loss of 1.36 billion euros, and Deutsche Postbank AG, may report a quarterly loss because of credit-related writedowns.
The euro snapped three days of losses against the dollar after Finance Minister Peer Steinbrueck said yesterday Germany would show its ability to act as some of the 16 countries that share the currency are getting into difficulties. Merkel will hold a joint press conference with European Commission President Jose Barroso in Berlin today.
Eurozone countries have started to recognize the importance of the financial system and begun to address it properly. Optimism about the stabilization of the European financial system may help to halt the recent steep decline of the euro.
The euro climbed to $1.2582 from $1.2530 late in New York yesterday. Europe’s single currency advanced to 117.81 yen from 117.50 yen. The dollar traded at 93.64 yen from 93.79 yen yesterday.
Merkel’s Cabinet also approved yesterday a draft bill allowing the state to take control of property lender Hypo Real Estate Holding AG, paving the way for the first German bank nationalization since the 1930s. The bill, which will be put to parliament on April 3, allows the government to carry out compulsory purchases of shares in “systemically relevant” banks.
Gains in the euro may be tempered by concern European companies will report steeper-than-expected losses stemming from the global financial turmoil.
Some of the company are Axa SA, Europe’s second-largest insurer, will probably report today a net loss of 1.76 billion euros. BNP Paribas SA will today likely post a loss of 1.36 billion euros, and Deutsche Postbank AG, may report a quarterly loss because of credit-related writedowns.
The euro snapped three days of losses against the dollar after Finance Minister Peer Steinbrueck said yesterday Germany would show its ability to act as some of the 16 countries that share the currency are getting into difficulties. Merkel will hold a joint press conference with European Commission President Jose Barroso in Berlin today.
Eurozone countries have started to recognize the importance of the financial system and begun to address it properly. Optimism about the stabilization of the European financial system may help to halt the recent steep decline of the euro.
The euro climbed to $1.2582 from $1.2530 late in New York yesterday. Europe’s single currency advanced to 117.81 yen from 117.50 yen. The dollar traded at 93.64 yen from 93.79 yen yesterday.
Merkel’s Cabinet also approved yesterday a draft bill allowing the state to take control of property lender Hypo Real Estate Holding AG, paving the way for the first German bank nationalization since the 1930s. The bill, which will be put to parliament on April 3, allows the government to carry out compulsory purchases of shares in “systemically relevant” banks.
Gains in the euro may be tempered by concern European companies will report steeper-than-expected losses stemming from the global financial turmoil.
Some of the company are Axa SA, Europe’s second-largest insurer, will probably report today a net loss of 1.76 billion euros. BNP Paribas SA will today likely post a loss of 1.36 billion euros, and Deutsche Postbank AG, may report a quarterly loss because of credit-related writedowns.
