8 February 2002, 13:39 Euro keeps firmer tone,German output data supports
Euro keeps firm tone, just off two-week high of $0.8739 after better than expected German output data.
- German industrial output rose 1.9 percent after a fall of 1.8 percent in November. Markets were expecting a rise of 0.2 percent. Manufacturing output rose 1.6 percent month on month.
- Euro also stays near day's highs against yen at 116.85 , up 1/3 percent on day.
- Dealers say euro's gains capped for now in face of offers around key resistance at $0.8730 and $0.8750. They also say U.S. equity futures point to firmer open on Wall Street, prompting investors to liquidate their euro longs especially before weekend G7 meeting.
- But analysts say dollar vulnerable to concerns about corporate earnings and accounting practices.
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