The euro has climbed above $US1.25 for the first time as it resumed its rise against the US dollar in thin post-Christmas trading
Published:
30 December 2003 y., Tuesday
The euro has climbed above $US1.25 for the first time as it resumed its rise against the US dollar in thin post-Christmas trading.
The 12-nation currency rose to a peak of US$1.2506 in European trading, putting it past a previous high of US$1.2473 that was set on December 24.
The five-year-old euro has been on a relentless upward march against the greenback, setting a string of new records since the end of November in a rise driven largely by fears about the US trade and budget deficits.
Low trading volumes in year-end trading have also magnified exchange rate swings, and analysts say many traders are reluctant to counter what has become an entrenched downward trend for the dollar, which has now fallen 19 per cent on the year against the euro.
The rally has led some economists and government officials in Europe to worry that the stronger currency will hurt a recovery expected to take hold next year because the stronger euro makes exporters' goods more expensive compared to those of foreign competitors.
The chief economist for the German Chamber of Commerce and Industry said the euro would hurt exporter profits.
Šaltinis:
theage.com.au
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
A specific EU budget line for the new EU stabilisation mechanism should be created as soon as possible, to ensure its credibility, Council, Commission and Parliament negotiators agreed at a three-way meeting on Wednesday.
more »
New EU rule will help phone-users avoid astronomical bills for web-surfing and downloads abroad.
more »
The Communication approved today by the Commission builds on the principles presented on 12 May to reinforce the economic governance in the European Union.
more »
Eurostat report just published shows that the crisis has brought some lower taxes.
more »
New legislation is needed to ensure fair returns to farmers and transparent prices to consumers, by enforcing fair competition throughout the food supply chain, said Agriculture Committee MEPs on Monday.
more »
Fish imports play a crucial role in supplying the European market, yet fisheries and aquaculture are strategic sectors that do not lend themselves to a purely free-trade approach, believes the EP Fisheries Committee.
more »
I will support every proposal that strengthens cooperation among the European Union's Member States and serves Lithuania's interests," President of the Republic of Lithuania Dalia Grybauskaitė said at the meeting with EU Member States' ambassadors resident in Lithuania.
more »
The fourth World Lithuanian Economic Forum “High tech innovation & investment: local to global” will start in London on 22 June.
more »
Lithuania aims for the five Nordic countries and three Baltic States to become single community of values, which would be linked by a versatile quality of democracy, security and everyday life.
more »
MEPs decided on Wednesday to create a special committee to prepare for the EU's next long-term budgetary framework.
more »