Euro strongly over $1.41 vs. USD

The euro strengthened by 1.3 cents (0.93%) against the US dollar yesterday to finish the day at $1.4108.

• In early trading yesterday, the single currency strengthened against the dollar as investors looked more favourably upon higher-yielding currencies like the euro. Increasingly positive economic data recently has prompted investors to look beyond the perceived safe-haven of the greenback.
  
• Adding to the euro’s gains was the news a G8 source had told Reuters that the IMF had raised its 2010 global growth forecasts to 2.4% from April’s estimate of 1.9%. This bolstered demand for perceived riskier currencies like the euro.
  
• In trading so far today, the euro has dipped against the dollar as investors eye this weekend’s G8 meeting in Italy with interest.
  
• There are no major announcements due in the UK or eurozone today.