NEW YORK, KOMPAS.com -euro exchange rate strengthened against the yen but weakened the u.s. dollar on Friday (17/8/2012) New York time. The Euro strengthened amid optimism that Europe's leaders are getting closer to an agreement to resolve the debt crisis in the euro zone.
The Euro rose 0.1 percent to 98,13 yen after earlier touching 98,41 which is the highest rate since July 6, 2012. However, the euro weakened 0.2 percent to 1,2334 US dollars. The Yen weakened to the fifth day of its own against the US dollar which dropped 0.3 percent to 79,56.
Rise of the euro for yen came after Chancellor of Germany Angela Merkel supports plan European Central Bank President Mario Draghi to lower the cost of loan in the indebted countries.
On 2 August, Draghi said, the central bank is likely to buy government bonds in order to lower the costs of loans in a number of countries, such as Italy and Spain, with a number of requirements.
On the other hand, the euro weakened the u.s. dollar along with bonds that grow most expensive Germany in two months than U.S. debt equals.
"(The Euro was supported by the suggestion that the ECB) will buy bonds as soon as possible after any who come to the European Financial Stability Fund to ask for help," call Kit Juckes, head of foreign exchange Research Societe General SA, in a telephone interview with Bloomberg.
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