The euro rose against the dollar

[gnutrade.satya]

The euro rose against the dollar after most euro zone banks passed stress tests, though analysts worried that the checks were not strict enough to reveal the true health of the sector. Initially, the euro fell as results trickled in and investors worried the tests were not rigorous enough. Pound rose boosted by data showing Britain's economy grew almost twice as quickly as expected in the second quarter.
Brian Dolan, chief strategist at Forex.com in Bedminster, New Jersey said: "There's definitely suspicion out there about these tests, but the euro is coming off a very good week thanks to solid economic data, and that's lending support."
Greg Salvaggio, vice president of trading at Tempus Consulting in Washington said: "The simple fact that the stress tests only evaluated the sovereign debt that the banks traded, rather than the sovereign debt that the banks held on their balance sheets really, in my opinion and in a lot of people's opinions, makes the tests not a valid measure of solvency."
Against the yen, the euro rose 0.6 percent to 112.80 yen while the dollar added 0.5 percent to 87.35 yen. Pound rose 1.1 percent to $1.5420.