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Euro gains after euro pres suggests interest hikes { November 21 2005 } Original Source Link: (May no longer be active)    http://news.ft.com/cms/s/81bb3f48-5a7d-11da-a94a-0000779e2340.html http://news.ft.com/cms/s/81bb3f48-5a7d-11da-a94a-0000779e2340.html Euro hits 2-week high after Trichet comments By Darryl Thomson Published: November 21 2005 11:58 | Last updated: November 21 2005 11:58 The euro hit a two-week high against the dollar on Monday bolstered by European Central Bank president Jean Claude-Trichet’s comments on Friday which suggested the eurozone central bank would raised interest rates in December. Mr Trichet said the ECB was ready to “moderately augment” interest rates, which was taken to mean a quarter point rate hike was coming in December. That would take rates to 2¼ per cent. Rates have been at 2 per cent since mid-2003. The market is hoping for clarification from Mr Trichet in his testimony to the European Parliament’s Committee on Economic and Monetary Affairs, due at 1400 GMT. Monica Fan, head of global FX strategy at RBC Capital Markets, said: “Today’s focus is on Trichet. The euro broke through major resistance at $1.1798 and the next key level is $1.1833,” But she added it will be difficult to pierce that level. The euro rose 1 per cent to $1.1820, against the dollar having hit $1.1835 at one point, and climbed 0.6 per cent versus the yen to Y140.5. The pound was hampered by the growing expectation of a possible rate cut in the UK, or at least no rate increase for some time. Forecasts of continued interest rate rises in the US, as well as within the eurozone, left sterling as the only major currency faced with stable or reduced rates, undermining its potential yield in comparison with its peers. Sterling fell 0.6 per cent to £0.6869 versus the euro but added 0.4 per cent to $1.7198 against the dollar. The greenback eased 0.4 per cent against the yen to Y118.85. The renminbi was little changed at Rmb8.0832 following US president George W Bush’s visit to China where he called on Beijing to work together to make China’s currency more responsive to market forces. The renminbi has appreciated just 0.33 per cent since it was revalued by 2.1 per cent to Rmb8.11 on July 21 and allowed a 0.3 per cent daily swing.

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