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WORLD FOREX: Euro Rallies On Dubai Bailout; Pound Hit By King |
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February 23rd, 2010 |
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LONDON (Dow Jones)--The euro was on the rise in Europe Tuesday after unconfirmed reports that the Dubai government will be coming to the aid of state-owned conglomerate Dubai World with a $5 billion bailout.
But the single currency was knocked down from its earlier highs by a disappointing Ifo business sentiment survey from Germany around midmorning.
The dollar was very much on the back foot as San Francisco Federal Reserve President Janet Yellen made dovish comments late Monday suggesting that any chances of a U.S. rate hike at this stage are fairly remote.
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Source: online.wsj.com |
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