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FOREX-Euro extends rise vs dollar, gets help from Merkel

Published 10/20/2010, 09:57 AM
Updated 10/20/2010, 10:00 AM

NEW YORK, Oct 20 (Reuters) - The euro extended gains against the dollar on Wednesday, with traders attributing some of the move to comments from German Chancellor Angela Merkel, who said it may be time to think about exit strategies.

The euro rose to $1.3881, a session high, and was last trading up 0.4 percent at $1.3872. It hit an 8-1/2-month high above $1.41 last week.

Merkel's remarks on exit strategies from loose monetary and fiscal policy echo similar comments from ECB Governing Council member Axel Weber and contrast with expectations for more monetary easing from the U.S. Federal Reserve. (Editing by James Dalgleish)

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