The euro may rise in Asia after European Central Bank President Jean-Claude Trichet yesterday indicated the bank had not sold its currency to stem gains that threaten the region's growth
Published:
17 February 2004 y., Tuesday
Trichet also said interest rates are ``historically low,'' suggesting the bank will ignore calls to halt the euro's one-year, 18 percent gain versus the dollar by cutting its benchmark rate, which is twice that of the Federal Reserve's. Europe's common currency fell by the most in more than two weeks on Friday on speculation the ECB sold.
``On the day the ECB does intervene, we're not going to be scrambling around to find out if it happened; Trichet made that clear,'' said Robert Rennie, currency strategist in Sydney at Westpac Banking Corp. ``Until then, the market will continue to test the ECB's pain threshold.''
Europe's common currency was little changed at $1.2767 at 10:20 a.m. in Tokyo, from $1.2771 late yesterday in New York, according to EBS prices. Against the yen, it bought 134.66 from 134.71.
Asked about the euro's rally during testimony yesterday to the European Parliament, Trichet cited a Group of Seven statement from Feb. 7 criticizing ``excess volatility'' in the currency markets. Regarding speculation the ECB would sell the euro, he said, ``when we have something to say, we say it.''
Šaltinis:
Bloomberg
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
The President of the Spanish Government, José Luis Rodríguez Zapatero, will meet this Monday with the German Chancellor, Angela Merkel, to analyse the future EU economic and employment strategy EU2020 before the Twenty-seven approve its basic lines at the Spring European Council.
more »
The planned overhaul of the EU common fisheries policy should take better account of the huge differences across European fleets and fisheries, give greater responsibility to fishing regions, address the problem of fleet overcapacity and improve the traditional quota system, according to a non-binding report adopted by Parliament on Thursday.
more »
The EMU framework and economic governance within the eurozone need to be revamped.
more »
Young people should be a priority in EU action next year, it emerged on Tuesday, as the Budgets Committee started work on the EU's 2011 budget.
more »
European Investment Bank (EIB) support for EU regional policy is crucial for tackling the economic crisis, EIB President Philippe Maystadt told the Regional Development Committee on Monday.
more »
Three thousand former car, refrigerator and construction workers in Germany and Lithuania could get €7.6 million in EU globalisation adjustment fund aid for training, self-employment and professional orientation under plans approved by the Budgets Committee on Tuesday.
more »
Today, 22 February, the EU Council of Agriculture and Fishing in Brussels, under the chairmanship of the Spanish Minister, Elena Espinosa, will analyse the impact of the economic crisis on the Greek agricultural sector, which has experienced a drop in prices and income, with small farms that pose an obstacle for the producer for negotiating with large distribution chains.
more »
Municipal policies to tackle the crisis and their application at EU level will be discussed during the three days of the summit entitled, “Networked Local Governments for a New Europe”, which will bring together representatives from 260 cities in Barcelona.
more »
The EBRD is promoting energy efficiency and renewable energy projects in Moldova, helping the economy to reduce its energy intensity with a new €20 million credit line for on-lending to local private companies.
more »
The EBRD is lending $1.2 million to Salkyn, one of the largest ice cream producers in Turkmenistan, to help the company expand its distribution network and build up its brand.
more »