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
AB Bank SNORAS, being the patron of the “Partnership Leader” nomination of the International trading palace ICC Lietuva (hereinafter - ICC Lietuva), this year initiated a special prize - “Business Ambassador”.
more »
Tremont Capital Group, an ATM-industry consultancy that works closely with the ATM Industry Association, has released its 2009 ATM Industry Fact Sheet, which summarizes the history and current state of the ATM industry.
more »
The renowned magazine “Global Finance” has named the UniCredit Group as the “Best Trade Finance Provider 2009” in CEE, Austria and Poland as well as “Best Bank for Payments & Collections in CEE 2009”.
more »
AB Bank SNORAS group, which comprises AB Bank SNORAS, AB “Latvijas Krājbanka” operating in Latvia and 19 other companies, during last year, according to unaudited data, earned LTL 41.7 million profit.
more »
At a meeting this week, Nils Melngailis, the Chairman of Parex banka, and Alex M Furber, American Express Vice President in Central and Eastern Europe, agreed to explore further options for co-operation.
more »
The country’s residents wish to have a clear understanding of financial services they use and are ready to make their final decision only when the advantages or disadvantages of each option is evident to them.
more »
Thales UK`s naval business recently announced the signature of an important sub-contract with Swedish company Polyamp AB for the supply of mine warfare degaussing systems for its new Lithuanian warship reactivation programme.
more »
Hundreds of anxious depositors are rushing to pull out their money from banks affiliated with the Texas billionaire Allen Stanford accused of fraud.
more »
VAT cuts for things like household repairs, care services, audio books and beauty treatments are likely to be backed by MEPs on Thursday.
more »
MEPs are calling for tough new measures to be taken against whaling.
more »