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Euro new highs { May 8 2003 } Original Source Link: (May no longer be active)    http://reuters.com/financeArticle.jhtml?storyID=2709048&newsType=usDollarRpt&menuType=currencies http://reuters.com/financeArticle.jhtml?storyID=2709048&newsType=usDollarRpt&menuType=currencies FOREX-Euro looks set for new highs after ECB holds rates Thu May 8, 2003 07:48 PM ET By Mariko Hayashibara TOKYO, May 9 (Reuters) - The euro looked set to mark up new four-year highs on Friday after the European Central Bank's decision to hold interest rates at current levels left intact the currency's attraction as a yield play. Helped by a comment by ECB chief Wim Duisenberg that there was nothing excessive about the current level of the euro, the single currency rose as high as $1.1509 on Thursday and was at $1.1482/87 in early Asian trading. The euro was originally fixed at $1.1685 before its launch in January 1999. "The trend of strong euro and weak dollar looks set to continue," said Kosuke Hanao, head of foreign exchange sales at the Royal Bank of Scotland in Tokyo. Over the past six weeks, the euro has risen nine percent against the dollar, a sharp turn of events for a currency that spent the first two years of existence being sold relentlessly by traders sceptical about European economic integration. But Duisenberg, along with European Union Monetary Affairs Commissioner Pedro Solbes, voiced concerns over the speed of the euro's rise. In a widely expected decision, the ECB kept benchmark rates steady at 2.50 percent. But it highlighted the same risks of deflation cited by the U.S. Federal Reserve on Tuesday when the U.S. central bank held interest rates steady at 1.25 percent. The Bank of England also left interest rates unchanged at 3.75 percent. Against the yen, the euro rose as high as 134.60 yen , a new four-year high. After dipping to a low of 116.00 yen, , the dollar recovered to stand at 117.09/14 in early Asian business. Dealers noted rumours of Japanese yen-selling intervention in post-Asian trading on Thursday. Currency strength is something Japan's troubled economy ill afford. Finance Minister Masajuro Shiokawa said on Thursday that officials were watching moves in currency rates. Data released on Thursday showed Japanese authorities spent 2.38 trillion yen on currency intervention in the January-March quarter, buying dollars and euros.

British unemployment hits 20 year low Child poverty doubles in britain Euro hits record high { May 26 2003 } Euro new highs { May 8 2003 } Euro [jpg] Europe asia markets fall Europe nears recession { May 16 2003 } Europe sputters { August 29 2002 } Europe stocks fall European stocks hit 5 day high { March 17 2004 } Eurostocks 97 levels German jobless rate at new record { March 1 2005 } Files Listed: 12

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