Economics
Euro Strengthens Versus the Dollar Amid U.S. Slowdown Concern
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The euro rose to its highest level since the region’s $1 trillion bailout was announced on May 10 as concern the U.S. recovery is slowing while Europe accelerates spurred demand for the 16-nation currency.
The euro also strengthened versus the yen as a report showed European confidence in the economic outlook rose to the highest in more than two years in July. The single currency has been pushed higher this week as stress tests released July 23 found only seven European banks needed to raise capital. Economists say data released tomorrow will show slowing U.S. gross domestic product growth.