(RTTNews) - The euro is rising again in the late-morning against the British pound and topped the fresh 14-month high it touched earlier in the morning. The European currency reached 0.6950 at 5 a.m. ET but edged back over the next few hours. It started to rise again at around 11:30 a.m. ET and has reached 0.6951, its best level since June of 2006.
Traders considered data showing the Euro zone trade balance showed a surplus of 4.6 billion euros in July. The trade surplus narrowed from the 7.6 billion euros recorded in June, revised down from 7.8 billion euros initially estimated.
In England, mortgage company Northern Rock is once again in the news, as its customers emptied out over $4 billion in deposits this weekend due to fears of insolvency. The problems at Northern Rock once again ignited fears that troubles in the financial markets have not yet played themselves out.
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