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Currencies: Euro rises off 1-week low as Deutsche Bank worries ease

The euro rebounded on Friday after briefly touching a one-week low against the U.S. dollar as shares of beleaguered German lender Deutsche Bank AG bounced back.

The currency’s response to Deutsche Bank’s DB, +13.76% woes probably reflects a lack of contagion to other eurozone banks, as well as the strength of recent German and eurozone economic data, said Valentin Marinov, head of G-10 currency strategy at Crédit Agricole.

“The euro’s safe-haven appeal should limit the damage from any renewed selloff and we see [the euro] at $1.10 into year end,” Marinov said in a note to clients.

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