Euro extends gains versus dollar, hits session high

NEW YORK Wed Jan 30, 2013 8:44pm IST

NEW YORK Jan 30 (Reuters) - The euro extended gains versus the yen to hit a session high on Wednesday after data showed the U.S. economy unexpectedly contracted in the fourth quarter, in contrast to an improving economic outlook in the euro zone.

The euro rose as high as $1.3577 on Reuters data and was last up 0.6 percent on the day at $1.3570.

Analysts at Action Economics said model funds and momentum accounts continue to drive demand, while sell offers were noted in the $1.3575-80 area. Option barriers at $1.3600 could also cap near-term gains, traders said.

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After wave of QE, onus shifts to leaders to boost economy

DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.

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