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Euro posts new all-time high against dollar ( )
FRANKFURT, Germany, Jan 06, 2004 (AP WorldStream via COMTEX) -- The euro pushed to a new high against the dollar Tuesday, rising above US$1.27 for the first time in a continuing rally paced by concerns about the U.S. budget and trade deficits.
Europe's 12-nation currency bought about US$1.2708 in morning European trading, spiking as high as US$1.2725. On Monday, the euro peaked at US$1.2681.
Market analysts have linked the dollar's weakness to the U.S. deficits, lower U.S. interest rates compared to Europe that make investing in dollar-denominated assets less attractive, and fears of terrorist attacks in the United States.
Neither the European Central Bank nor the U.S. Federal Reserve have indicated readiness to intervene in the currency markets to prop up the greenback, a move that would burn speculators and possibly break the dollar's fall.
Copyright 2004 Associated Press, All rights reserved
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