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
The European Commission has approved, under EC Treaty state aid rules, an Italian framework temporarily adapting certain existing risk-capital schemes to increase companies' financing possibilities during the current economic crisis.
more »
The European Commission has authorised, under EC Treaty state aid rules, a Maltese measure to help businesses to deal with the current economic crisis.
more »
We're making progress. That's the word from Treasury Secretary Tim Geithner about settling the financial markets.
more »
According to a new report released by NextGen Research, global markets for financial kiosks and enhanced ATMs will grow at a compound annual rate of 9 percent, to include more than 186,000 financial kiosks and nearly 2.5 million ATMs by 2013.
more »
Non-farming Latvians are buying pigs to beat the economic crisis.
more »
Is your money well spent at EU level? Every year, in April, the EP concludes its examination of EU spending for the financial year closed 16 months previously.
more »
In the construction sector, seasonally adjusted production1 decreased by 1.0% in the euro area2 (EA16) and by 2.1% in the EU272 in March 2009.
more »
Between 2000 and 2008, EU27 trade in goods with Russia more than tripled in value, with EU27 exports to Russia rising to 105 bn euro in 2008 from 23 bn in 2000.
more »
The European Commission has launched today a call for proposals covering key energy infrastructure projects such as energy interconnections, offshore wind energy and carbon capture and storage as part of the implementation of the EEPR.
more »
During its plenary session on 13 May 2009, the European Economic and Social Committee adopted a key opinion on responding to the crisis in the European automotive industry.
more »