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The nominal bilateral dollar to euro exchange is the exchange rate that attracts the most attention. Notwithstanding the comparative importance of euro to US dollar bilateral trade links, trade with the UK is, to some extent, more important for the Euro zone than is trade with the US. The dollar and the euro have a strong predisposition to run together in the very short run, but sometimes there can be significant discrepancies. The very strong appreciation of the dollar against the euro in 2003 is one example of these discrepancies.
Thinkpad The Euro edged up against the Dollar Friday after lower job figures were released in the US amid fears that EU member countries may return to individual national currencies.
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The latest downturn in the dollar against the Euro could may very well have further room to run, according to analysts.
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The Euro appreciated last week above 1.58 against the Dollar, but dropped over the weekend, as a consequence of the G7’s summit reaction.
Laptop Computer June 3, 2005 (AXcess News) New York - The Euro edged up against the Dollar Friday after lower job figures were released in the US amid fears that EU member countries may return to individual national currencies.Italian labor minister Roberto Maroni was quoted in the la Repubblica newspaper as saying that a referendum is being considered that if voted on would return Italy's currency to the Lira. Those comments by Maroni wiped out earlier gains against the Dollar in Euro trading.Germany's Chancellor, Gerhard Schroeder said that returning to old currencies was not an option, that the Euro had proven itself. Though Schroeder's comments did little to enthuse currency traders.
The tendency from the prior week continues with the start of Asian session. The dollar started the new week with new loses close to the record low level against the euro. It is sure that this week the dollar will set new record low levels against the euro. The trading strategy is opening long positions, as buy on dips. The Fed is not care about the low dollar levels and that send signals to the traders to continue selling dollars on the market.
Desktop Computer The Euro was up at $1.229 against the dollar in early trading Friday in New York. Thursday, the Euro had climbed to $1.2183 against the dollar in early trading putting Friday's gain a penny higher over the previous day's hi.
Notebooks In London, the Euro traded at $1.2263 by 7:30am Friday, down slightly from Thursday's late trading in New York when the Euro was quoted at $1.2267.
Lenovo Currency traders expected the Euro to trade down against the dollar following the French and Dutch voters rejection of the European Union's proposed constitution. Economic reports for the region continued to show weakening economies that would only continue to falter in the wake of the EU constitutional votes, adding fuel to traders skepticism.
Hard Drive Meanwhile, the British Pound rose to $1.8201 against the dollar, up from Thursday's currency price of $1.8155. The dollar was also lower against the Japanese Yen, falling to $107.60 Yen from $108.25 Yen.
Travelstar Thursday the European Central Bank said it would hold its interest rate at 2 percent citing sluggish consumer spending, not the cost of borrowing, as the reason for the slow down in economic growth in Europe.The Euro, which is comprised of a basket of 12 currencies from its member nations, hit an all-time hi against the dollar at the end of last year, trading at $1.3667.
Gateway The current fears over the European Union's survival and weak economic results have combined to bring the Euro down by 10.27 percent from its all-time hi last year. Economists say that cheaper money could act as a catalyst in improving exports from EU-member nations, that its economic woes are short-lived because of that.Italy itself is in an admitted recession and most likely will not go along with Labor Minister Maroni's suggestions of a referendum to bring back the Lira. Maroni's comments were said to be aimed at his party, not the Italian people, who would not support that party's views. Maroni is a member of the Northern League party, which is affiliated with Berlusconi's government. The euro fell as low as $1.2220 after Maroni's comments.AXcess News will be reporting on any new market trends related to this story. Members should watch their in-box for late breaking business news. If you're not a member, consider joining now.
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