The euro rebounded from an eight-month low against the dollar as central banks in Asia purchased euros and sold dollars.
The euro made a comeback Friday after five consecutive days of declines against the U.S. dollar and Japanese yen and reduced its decline to just above 2 percent in the last week.
It managed to pull through from the lowest level in 10 years after the Group of 20 nations made the commitment to come up with a effective and coordinated approach to the problems confronting the world economy.
The G-20 is composed of highly developed nations from the Americas, Europe and Asia that include the United States, United Kingdom, Australia, Canada, Russia and China.
"The welcome news is that the euro is not giving way," declared Callum Henderson of Standard Chartered PLC in Singapore.
The euro was at 103.03 compared to the yen in Tokyo from 102.64 in New York on Thursday. It went up to $1.3501 from $1.3465 Thursday. The lowest was at $1.3385 on Jan. 19.
Bloomberg reported that the G-20 members released a statement in Washington citing the "commitment in making a strong and coordinated international response to address renewed challenges facing the global economy, notably from heightened downside risks brought about by sovereign stresses, financial system fragility, market turbulence, weak economic growth and unacceptably high employment." _More >
The G-20 is composed of highly developed nations from the Americas, Europe and Asia that include the United States, United Kingdom, Australia, Canada, Russia and China.
"The welcome news is that the euro is not giving way," declared Callum Henderson of Standard Chartered PLC in Singapore.
The euro was at 103.03 compared to the yen in Tokyo from 102.64 in New York on Thursday. It went up to $1.3501 from $1.3465 Thursday. The lowest was at $1.3385 on Jan. 19.
Bloomberg reported that the G-20 members released a statement in Washington citing the "commitment in making a strong and coordinated international response to address renewed challenges facing the global economy, notably from heightened downside risks brought about by sovereign stresses, financial system fragility, market turbulence, weak economic growth and unacceptably high employment." _More >
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