EURO STRENGTHENS VERSUS DOLLAR

The euro advanced against the dollar before a report that economists said will show German business confidence improved in September, supporting demand for the region´s assets.

The 17-nation currency trimmed a weekly loss after the Financial Times reported that Spanish and European Union officials were working on plans to trigger European Central Bank bond purchases, citing officials involved in the discussions. The yen headed for a weekly gain against most of its major counterparts as signs of a global economic slowdown spurred investor appetite for the refuge of Japan´s currency.

We expect this trend to continue for the next few weeks, as European leaders feverishly conjure up ways to “save the Euro” and the US finds favor with a short-term lift to their economy and a ‘stronger´ export sector provided through the help of a moderate devaluation period. Chances are good this will hold until the US presidential election.

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