August 24, 2007	Friday	Sha’aban 10, 1428

LONDON, Aug 23: The European single currency rose close to $1.36-level on Thursday, supported by prospects of an interest rate hike in the eurozone and recovering global financial markets, analysts said.

The yen was under pressure after the Bank of Japan froze its key rate at 0.50 per cent, they added.The euro rose as high as $1.3588 in European morning deals -- which was last seen on August 14, before settling back at $1.3566. That compared with $1.3541 in New York late on Wednesday.

The dollar increased to 115.99 yen, from 115.31 yen on Wednesday.

“The market’s current view of US rate cuts, and now a boost to an ECB September hike, offers euro/dollar some underpinning,” said Commerzbank analyst Gavin Friend.—AFP