By Anna Rascouet
Nov. 11 (Bloomberg) -- The euro rose against the dollar and the yen as stocks advanced after Chinese industrial production increased and its trade surplus swelled, fueling optimism that the global economic recovery is gathering pace.
The 16-nation currency reached its highest level in more than two weeks against its U.S. counterpart after China’s statistics bureau said that production rose 16.1 percent from a year before, the most since March 2008. The MSCI World Index of shares gained 0.5 percent. The yen gave up gains after Japanese machine orders rose more than forecast.
“The euro is gaining support from the continued positive investor sentiment globally,” said Ian Stannard, a senior currency strategist at BNP Paribas SA in London. “Euro-dollar is testing the top end of the range, attempting to break higher.”
The euro traded at $1.5036 as of 8:33 a.m. in London, from $1.4993 in New York yesterday, after reaching $1.5044 earlier, the highest level since Oct. 26. It strengthened to 135.10 yen, from 134.65 yen. The dollar was little changed at 89.83 yen.
The Norwegian krone climbed against 15 of the 16 most- traded currencies tracked by Bloomberg and reached 5.5546 per dollar, also its strongest level since Oct. 26.
To contact the reporter on this story: Anna Rascouet in London at arascouet@bloomberg.net
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