dollar's decline
Laptop Battery By Philip White
The Euro faced some losses against the greenback yesterday, due in some part to the growing assumption that the European banks are set to report more losses.
Thinkpad The ECB said Thursday that it would post a budget loss for the
year due to the dollar's decline against the Euro. This marks the
second year of loss for the central bank.
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The sell off did not last long, as the German government expressed its reluctance of interfering with the European Central Bank's independence.
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zone ZEW figures unexpectedly fell back to 20.3 and 19.0, respectively, as the European Central Bank's overtly hawkish stance has started to take its toll on optimism.
Laptop Computer Jan 13, 2005 (AXcess News) Frankfurt - The ECB said Thursday
that it would post a budget loss for the year due to the dollar's
decline against the Euro. This marks the second year of loss for
the central bank.ECB Vice President Lucas Papademos said at a news
conference Thursday that the bulk of the central bank's foreign
exchange reserves are held in dollars.The dollar has declined 7
percent against the euro over the past year.
The greenback strengthened amid news that the European Central Bank decided to keep interest rates at 3.75% after its monthly policy meeting.
Desktop Computer Papademos did not disclose the central bank's dollar holdings,
though its 2004 financial results will be released in March.
Notebooks In 2003, the euro gained 20 percent against the dollar. The
Central Bank's Governing Council offset the 2003 against the ECB's
general reserve fund.
Lenovo Analysts estimated that 2004 losses had widened due to the
dollar-denominated assets and low foreign and domestic interest
rates. In 2003 the ECB incurred a net loss of 477 million euros
compared with a profit of 1.22 billion euros in 2002.
Hard Drive Wider losses would mean a pass-through to European bank members,
which would effect their own budgets.Advertisement
Travelstar The ECB member banks throughout Europe may take a different
stance towards the dollar if the U.S. does not curb its burgening
deficit, which could mean that the dollar could take a backseat to
the euro with the ECB in the future. Its dollar holdings and the
market's ability to absorb a selloff of dollars may be all that's
holding the central bank back from dumping U.S. currency.AXcess
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