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
EBRD to pay 4.6 billion roubles for 11.75 percent stake.
more »
On 24 November in London a letter of intent will be signed between Alytus Municipality and the Spanish aluminium company “Sopena group” regarding investments of the “Sopena group” in Alytus.
more »
Tourism opportunities in Dzūkija Region of Lithuania and other issues of incoming tourism promotion were the main topics of the meeting of the Mixed Intergovernmental Commission on Trade and Economic Cooperation between the People’s Republic of China and the Republic of Lithuania.
more »
On 22-23 November in Kiyv, foreign ministers of Lithuania, Ukraine and Belarus discuss trilateral cooperation and participation of Belarus and Ukraine in the Eastern Partnership of the European Union.
more »
The Kozloduy International Decommissioning Support Fund is supporting an innovative programme to boost energy savings and efficiency of public buildings in Bulgaria with a €5 million grant.
more »
Bank DnB NORD’s Economic Research Group predicts that out of the six Baltic Rim countries, moderate economic growth will be seen in Poland, Finland and, possibly Estonia in 2010, while Denmark, Lithuania and Latvia will need more time to climb out of recession.
more »
In a meeting in Brussels of the European Bank Coordination Initiative held on 19 November 2009, the parent banks of the six largest foreign banks active in Hungary reaffirmed their commitments made in May 2009 to support their subsidiaries.
more »
On 17 November 2009, the Board of AB Bank SNORAS decided to establish the bank’s representative office in London.
more »
The European Commission has approved, under EC Treaty state aid rules, two capital injections in favour of 'The Mortgage and Land Bank of Latvia' (LHZB).
more »
The government of G hana will tomorrow sign an historic agreement with the EU aimed at ensuring that only legally harvested timber from the West African country is exported to the EU market.
more »