Author Topic: Euro tops $1.55 for first time  (Read 894 times)


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Euro tops $1.55 for first time
« on: March 12, 2008, 11:51:56 PM »
The euro has set a new record high against the US dollar, passing $1.55 for the first time.

Scepticism about whether the Federal Reserve's plans to provide liquidity to the banking system will work was one factor weakening the dollar.

Speculation that the United Arab Emirates is about to abandon its dollar peg also weakened the US currency.

The new record was set at $1.5503 before the euro fell back slightly to trade at $1.5489.

Strong economic data in the euro zone made it less likely that there will be an interest rate cut from the European Central Bank, while the Federal Reserve is widely expected to cut rates at its next meeting.

Industrial production in the 15 states that use the euro rose unexpectedly fast in January, growing 0.9% from December and 3.8% from January 2007, according to officials from Eurostat.

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