US Dollar rises to one year high against the Euro.
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The US dollar rose to the highest in a year against the single currency on growth differential speculation, market participants are expecting the European Central Bank to cut borrowing costs.
The European Commission claimed the Euro region’s economy is likely to stagnate this quarter after shrinking for the previous 3 months for the first time since the currency’s debut in 1999. The 2008 growth forecast has been cut to 1.3% from 1.7%
The Euro Zone economy is facing a recession and so a weaker currency could provide relief to exports.
On the 15th July 2008 the US Dollar traded at a low of 1.6038 against the Euro, yesterday the single currency was smashed back below the 1.4000 level. This morning the 1.39 level has been tested as the Euro selling continues.
Thursday 11 September 2008, 11:34am
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