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Foreign Exchange

Euro rises on rates outlook, as Japan’s Kan survives no-confidence

The euro has risen against the dollar amid expectations that interest rates in Europe are likely to rise faster than in the US, while the yen remained steady after Japan’s prime minister survived a vote of no confidence.

 Investors shrugged off concerns over European peripherals, instead focusing on the German economic powerhouse, prospects for which are “very positive”, said German chancellor Angela Merkel in a speech in Singapore, as she reiterated her support for the single currency.

The euro traded at $1.4379 early in London on 2 June, around 50 points higher, and near a three-week high.

European Central Bank (ECB) president Jean-Claude Trichet said on Wednesday that the bank “will continue to deliver price stability” after inflation in the euro region hit 2.7 percent in May, above the ECB’s 2 percent limit.

The bank raised its key interest rate to 1.25 percent in April, while traders do not expect any rise .....

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