U.S. Market December 14, 2000, (21.12.2000)
The euro rose to four-month highs against the dollar on Wednesday, surpassing the peaks it hit after concerted Group of Seven intervention in its support in September, amid concern about a slowdown in U.S. growth.
The euro rose to 90.83 U.S. cents from 89.53 yesterday, touching its highest since Aug. 18. Europe's common currency has gained 10 percent since sinking to a record 82.30 cents on Oct. 26 as reports pointed to cooling U.S. growth. The euro climbed to 102.34 yen, from 100.65 yesterday, and reached its highest since 103.09 on July 27.
Euro retained bullish trend in early Tokyo, holding near $0.91 as Nasdaq drops almost 7 pct., Dow down 2 pct. The euro rose to 4-1/2-month highs against the yen on Wednesday, capitalising on losses in Japanese stocks and amid growing concerns that Japan's economic recovery was faltering.
Japan's Nikkei 225 stock price averagefell below 14,000 for the first time in nearly 22 months on Wednesday, stoking concern about the nation's flagging economic recovery.
German Finance Minister Hans Eichel was quoted in an interview on Wednesday as saying the euro zone's fundamental economic data are gradually being reflected in the single currency's strengthening exchange rate. However, a leading German think tank on Wednesday urged the European Central Bank not to raise interest rates further, but a top member of the bank's governing council cautioned the ECB was still on inflation alert
Sterling fell towards five-month lows against the euro on Wednesday as escalating concern about slowing U.S. growth boosted the single currency to its highest since August against the dollar.
Minutes of the Bank of England's December Monetary Policy Committee meeting sparked speculation of an early UK rate cut, and talk of acquisition-related outflows further dented sterling against the euro, but the British currency rebounded against an even weaker dollar.
The dollar rallied against a broadly weaker yen, surpassing 113 for the first time since August 1999 on Wednesday amid losses in Japanese stocks and persistent concern about the outlook for the Japanese economy.
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