By Bo Nielsen
March 16 (Bloomberg) -- The euro climbed against the dollar for a fifth day, the longest run in three months, as stock markets rose and policymakers from the Group of 20 nations said they would double the International Monetary Fund’s resources.
The yen fell against the euro and the dollar before the Bank of Japan starts a two-day meeting tomorrow at which it may announce plans to repurchase government debt, spurring investors to seek higher-yielding assets overseas. The pound rose versus the U.S. currency and the euro after Barclays Plc, the U.K.’s third-biggest lender, said it had a “strong start” to 2009.
“We may be seeing a turnaround in the euro,” said Simon Derrick, chief currency strategist in London at Bank of New York Mellon Corp. “The bounce in stock markets and the G-20 providing the IMF with more money to help eastern Europe is giving the euro a real boost.”
The euro rose 0.9 percent to $1.3044 as of 11:05 a.m. in London from $1.2928 in New York late last week. The yen slid to 98.29 versus the dollar from 97.95 and declined to 128.20 per euro from 126.65. The pound climbed to $1.4204 from $1.4002.
To contact the reporter on this story: Bo Nielsen in Copenhagen at bnielsen4@bloomberg.net
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