EUROPEAN UNION: EURO ON HIGH AS U.S. FIGURES REGISTER 10-YEAR LOW

The Euro hit a new five-month high yesterday, reaching 0.9458 USD, an increase of 15% in less than a month and the highest rate since last summer. The Euro is boosted by the news of a fifth successive fall in the US Retail Price Index figures, down to their lowest point since April, 1991. “The United States economy is on the verge of a recession, while Europe now seems more healthy, judging by the industrial statistics produced in France and Italy. It is normal that the investors are still frightened by the fall of Wall Street and are exchanging USD for Euros”, claimed a Lisbon market operator. The forecast is for the Euro to continue to rise, some claim, even until it reaches parity with the USD. Laurent Fabius, the French Minister of the Economy, is a defender of this thesis and declares himself “very optimistic”: “The Euro still has an important margin for appreciation,” he stated. Timothy Bancroft-Hinchey, Pravda.Ru, Lisbon

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