Euro, sterling register gains against dollar, yenThis article was originally published in Dairy Markets
The euro extended Wednesday's rise against the dollar and yen in Far East trading on Friday, jumping 2% versus the dollar. As the European single currency rebounded from a 2-1/2 year low of €1 = $1.2329 struck on Tuesday, the greenback posted its biggest one-day fall in 23 years yesterday after the Federal Reserve Bank delivered a half-percentage point cut in interest rates to 1.0%, the lowest level since 2004. In late Tokyo trading this morning the euro climbed to €1 = $1.3220, having earlier hit a high of €1 = $1.3300. In early European trading the dollar recovered some ground, trading at around €1 = $1.3094.