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Euro lower against dollar
Published in Saudi Press Agency on 10 - 07 - 2008


The euro was lower against the
U.S. dollar Thursday, a day after the president of the
European Central Bank warned that an inflation price spiral
was evident in the euro zone, AP reported.
The 15-nation euro bought US$1.5730 in morning European
trading, down from US$1.5746 in New York late Wednesday.
The British pound fell to US$1.9776 from US$1.9818 as
markets awaited a decision by the Bank of England on
interest rates there.
Britain's central bank is expected to hold the rate steady
at 5 percent as concerns about rising inflation outweighed
worries over the slowing economy.
«In the unlikely event that we do see some movement here
then (the pound) will react appropriately, but there's
nothing to suggest that (BoE governor) Mervyn King is on
course to be making any bold calls like this later today,»
said currency analyst James Hughes at CMC Markets.
Inflation fears abounded Wednesday as ECB President
Jean-Claude Trichet told European Parliament lawmakers that
unchecked wage increases could result in higher prices
across the euro zone.
The ECB's governing council «is strongly concerned that
price and wage-setting behavior could add to inflationary
pressures,» he said, adding that current inflation levels
were «worrying,» and set to stay high before cooling
gradually next year.
In other trading, the dollar bought 107.21 Japanese yen
compared with 107.45 yen late Wednesday in New York.


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