Euro Drops After Three Banks Cut Forecast for Region's Currency
Published:
12 March 2004 y., Friday
The euro declined in Asia after Goldman Sachs Group Inc., Morgan Stanley and ABN Amro Holding NV said they lowered forecasts for the common currency against the dollar amid signs Europe's economic growth is stalling.
The three banks, which together account for about 13 percent of the $1.2 trillion-a-day global currency market according to Euromoney magazine, said the euro will be worth less in June than they previously predicted. Goldman also trimmed its estimate of the euro's value versus the yen.
As at 11:25 a.m. in Tokyo, the euro fell to $1.2317 from $1.2355 late yesterday in New York, according to EBS prices. It dropped to 136.43 yen from 136.85. The Bank of Tokyo-Mitsubishi expects the euro to fall to $1.20 by the end of June.
German industrial production declined in January, a report on Tuesday showed, the fourth report in the past two weeks to indicate Europe's largest economy is struggling. German unemployment rose last month and business confidence fell. Factory orders declined for the first month in eight in January.
Goldman reduced its three-month euro forecast to $1.20 from $1.26 and Morgan Stanley pared its euro forecast for the end of June to $1.19 from $1.25. ABN Amro lowered its prediction to $1.30 in three months from $1.33 and to $1.23 from $1.33 in six months.
Šaltinis:
Bloomberg
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 financial and economic crisis has shown that reckless behaviour of banks and other financial institutions can have serious and costly consequences for Europe's economy and its people.
more »
Local services that create jobs and improve energy efficiency received a boost Thursday (2 September) when MEPs on the Industry, Research and Energy Committee approved plans for more investment.
more »
The European Commission approved the first financing decisions under the EUR 264 million 2010 allocation for the so-called Vulnerability FLEX mechanism to help the most vulnerable African, Caribbean and Pacific countries cope with the impact of the global financial crisis and economic downturn.
more »
The European Commission has today updated the list of airlines banned in the European Union to impose an operating ban on one air carrier from Ghana and to place operating restrictions on another air carrier from that country.
more »
The European Commission today approved an application from Denmark for assistance under the European Globalisation adjustment Fund (EGF).
more »
Algirdas Šemeta, EU Commissioner for Taxation, Customs Union, Anti-Fraud and Audit, will open tomorrow an international conference at the Shanghai World Expo 2010 on building bridges to facilitate trade between China and the EU.
more »
Moldova is set to receive an EU grant of up to €90 million to help it through the financial crisis, following a vote at Parliament's Committee on International Trade on Monday.
more »
Important notice: since May 2010 business surveys data are classified in accordance with an updated version of the Nomenclature of Economic Activities (NACE rev. 2) causing a potential break in series at this date.
more »
75% of Europeans think that stronger coordination of economic and financial policies among EU Member States would be effective in fighting the economic crisis, according to the Spring 2010 Eurobarometer, the bi-annual opinion poll organised by the EU.
more »
The European Commission has extended until the end of the year the liquidity support scheme for banks in Slovenia.
more »