Euro on a Monthly High

The Euro has moved to a monthly high against the USD as investors move to cover short term positions; pressures on the USD are coming from rumours that San Francisco Federal Reserve Bank President Janet Yellen will be nominated deputy chairperson of the Federal Reserve replacing Donald Kohn. Analysts estimate that a possible “promotion” of Yellen will signal a change of course on monetary policy of the central bank. At 12:03 GMT, the euro rose 0.7% at $ 1.3780, having failed to overcome the psychological barrier of $ 1.38.The main index of the dollar, which measures its performance against six major currencies, fell earlier in the lowest level in three weeks.