Weakness in the dollar yesterday helped propel the euro to its highest level against the greenback in almost three years
Published:
8 June 2003 y., Sunday
Currency traders said fears about worsening relations between the US and North Korea weighed on the dollar, with the impact on the exchange rate exaggerated by very light holiday trading.
The euro reached $1.0364 on European markets before slipping back to $1.0341 in afternoon trade. The currency has now risen 17 per cent from a low of around 86 US cents in February.
The pound appreciated marginally against the dollar, again in light trade, up 0.0022 at $1.5979. The Swiss franc also showed gains.
City analysts said the euro is likely to fall amid stumbling demand in the depressed euro-zone economies. European economic affairs commissioner Pedro Solbes yesterday confirmed that gloomy outlook as he predicted Germany’s sluggish economy may lead the European Commission to trim its forecasts of euro zone growth.
According to reports from Spain, Solbes said the commission’s 0.8 per cent growth forecast for 2002 "could be revised slightly downwards given the evolution of the German economy".
Despite the prediction, Solbes repeated the commission's forecast of 1.8 per cent growth in the euro area in 2003.
Šaltinis:
thescotsman.co.uk
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 »