Euro slips against dollar, pound dips below $2
Posted by meb at April 24th, 2007
The euro slipped below $1.36 on Monday, dropping away from its all-time high, while the British pound fell below $2 for the first time in nearly a week.
The 13-nation euro has hovered at levels last seen more than two years ago, but so far has failed to break through its all-time high of $1.3667 from December 2004.
On Monday, it traded as high as $1.3607 before falling back to $1.3558, compared with the $1.3601 it bought in New York late Friday.
The British pound fell below $2 in morning European trading, dropping to $1.9992 from $2.0036 on Friday.
The pound climbed to a 26-year high last week after breaching the $2 level for the first time since Sept. 16, 1992.
The dollar fell against Japan’s currency, dropping to 118.36 from 118.74 yen late Friday after the country’s economy won a vote of confidence Monday from Standard & Poor’s, which raised its sovereign credit rating for the first time in six years on successful financial reforms.
Japan’s long-term sovereign rating was upgraded one notch to AA from AA-, the U.S.-based crediting rating company said in a statement.
source: The New Anatolian
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