FOREX-Euro gains as bearish dollar sentiment persists

Thu Oct 24, 2013 12:01pm EDT
 
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* Common currency stays near two-year high versus weak dollar

* Euro pares gains after below-forecast euro zone PMI data

* Euro outlook still bright due to bearish dollar sentiment

* Dollar weak on expected Fed taper delay, lower U.S. yields

By Gertrude Chavez-Dreyfuss

NEW YORK, Oct 24 (Reuters) - The euro rose to a fresh two-year peak against the dollar on Thursday as concerns about the outlook for the U.S. economy and monetary policy outweighed weaker euro zone data.

The dollar remained under pressure due to lower U.S. bond yields and expectations the Federal Reserve will maintain its bond-buying stimulus program well into next year.

"The dollar is kind of drifting lower because of the delay in the Fed tapering, but it kind of feels like there is no direction at the moment," said Vassili Serebriakov, currency strategist at BNP Paribas in New York.   Continued...