Euro soars 1.5% on dollar

By Julianne Pepitone, staff reporter


NEW YORK (CNNMoney.com) -- The euro leaped 1.5% against the dollar Thursday as global stocks rallied, following a recent trend in which the shared currency tends to recoup some losses toward the end of the week.

What prices are doing: The dollar fell 1.5% against the euro to $1.2363.

chart_ws_currency_usd_eur.03(3).png
Click the chart to view other foreign exchange rates.

The greenback also sank 1.4% versus the British pound to $1.4588. It was up 1.1% against the Japanese yen at ¥90.91.

What's moving the market: The euro has been mired in a sell-off for the past three weeks as debt concerns weigh on the zone, but Thursday rallies in European stock indexes helped put a floor under the shared currency. The CAC 40 in France closed 3.4% higher and the DAX in Germany added 3.1% in the day.

The global stock rally put a floor under the euro, as investors tend to buy the shared currency when risk appetite is stronger.

Thursday's gains also follow a recent trend in which the euro strengthens at the end of the week, said Michael Woolfolk, senior currency strategist at Bank of New York Mellon.

Monday through Wednesday have tended to be negative for the euro and the pound, with some relief on Thursday and Friday, Woolfolk said.

"European officials have definitely been earning their overtime hours," Woolfolk said. "Traders position themselves ahead of the weekend in case there's a meeting that shakes up the game."

Despite Thursday's gains, the shared currency has plummeted to four-year lows recently on the debt contagion fears. To top of page

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