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US dollar hits high as Europe struggles
5-September-08
Written by AAP
The US dollar rose to a 2008 high against the euro and a fresh 28-month high against the pound today after the European Central Bank held its interest rate steady and cut growth forecasts for the euro zone.
The 15-nation currency dropped to $1.4331 from $1.4493 late in New York yesterday after earlier touching a new 2008 low of $1.4319.
The ECB held its interest rate at 4.25 per cent, as expected, as it struggles to balance accelerating inflation with slowing economic expansion. But the central bank cut its growth forecasts for 2008 and 2009 as it raised its inflation outlook. It said GDP growth in the euro zone would be from 1.1 per cent to 1.7 per cent in 2008, and from 0.6 per cent to 1.8 per cent in 2009, lower than previous estimates.
Article continues...
5-September-08
Written by AAP
The US dollar rose to a 2008 high against the euro and a fresh 28-month high against the pound today after the European Central Bank held its interest rate steady and cut growth forecasts for the euro zone.
The 15-nation currency dropped to $1.4331 from $1.4493 late in New York yesterday after earlier touching a new 2008 low of $1.4319.
The ECB held its interest rate at 4.25 per cent, as expected, as it struggles to balance accelerating inflation with slowing economic expansion. But the central bank cut its growth forecasts for 2008 and 2009 as it raised its inflation outlook. It said GDP growth in the euro zone would be from 1.1 per cent to 1.7 per cent in 2008, and from 0.6 per cent to 1.8 per cent in 2009, lower than previous estimates.
Article continues...
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