Early trade: Euro and dollar both gain

11 Sep, 2010

The euro and dollar both rallied against the yen and Swiss franc while commodity bloc currencies rose on Friday as strong import data from China raised optimism about global economic growth and prompted higher risk tolerance. The dollar rose 0.7 percent on the day to 1.0221 Swiss francs.
The euro last traded up 1 percent at 1.3011 francs, earlier hitting the day's high of 1.3074 francs as the Swiss currency came under selling pressure. Resistance on euro/Swiss franc is seen around 1.3085. Traders cited Swiss banks selling the safe-haven franc against the euro, dollar and other currencies.
The euro was last up 0.3 percent against the dollar at $1.2730 near the day's high of $1.2747 as US bond yields touched their highest in about a month and investors adjusted portfolios. The dollar traded in a tight range between 83.76 yen and 84.38 yen with the US unit up 0.6 percent at 84.26 yen. Stop loss orders were reported at 83.70 and 83.75.

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