Won Approaches 4-Month High as Germany Backs ECB; Bonds Steady
South Korea’s won headed toward a four-month high after Germany’s support of a European bond- buying plan eased concern the region’s debt crisis will drive international investors out of Asia’s fourth-biggest economy.
Read the rest at Bloomberg.
The euro strengthened against the dollar after Merkel’s deputy spokesman, Georg Streiter, said the government backed the ECB’s plan to help bring down borrowing costs in Spain and Italy.
“The Germans seem ready to go along with the ECB bond- buying proposal,” said Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Massachusetts. “Europe may be coming around, and anything that points to an economic recovery is good for oil. Oil moved together with stocks and the dollar.”
There was another good article by Pritchard, compelling reading, even if written before the latest German turn.
