-Caveat Lector- from: http://www.telegraph.co.uk:80/et?ac=003663685154538&rtmo=V68kD8sK&atmo=rrrrrrv s&pg=/et/00/10/20/cneur20.html Click Here: <A HREF="http://www.telegraph.co.uk:80/et?ac=003663685154538&rtmo=V68kD8sK&atmo=r rrrrrvs&pg=/et/00/10/20/cneur20.html">Euro falls to all-time low against dollar</A> ----- SSUE 1974 Friday 20 October 2000 Euro falls to all-time low against dollar By David Litterick THE euro succumbed to fresh bouts of selling yesterday, falling to an all-time low of 83.95 cents against the dollar in London. Stronger than expected trade figures in the US and a drop in confidence among German businesses helped push the currency down 0.84 cents on the day from 84.79 cents at the previous close. It was also not helped by Tony Blair's comments that the time wasn't "right for Britain to join the euro". European Central Bank president Wim Duisenberg shrugged off comments made earlier this week when he appeared to rule out further intervention, saying it remained "a tool in our toolbox" and reiterated his belief that the euro was fundamentally undervalued. He was talking in Paris after announcing the ECB's decision to keep interest rates on hold at 4.75pc. Acknowledging that eurozone inflation would remain above the 2pc target for some time he said: "There is a misalignment in the currency markets and there will come a moment when it will be corrected. We expect growth to continue above 3pc this year, next year and maybe even the year after." He added that he had been under no pressure to resign following his earlier remarks. Jean-Claude Trichet, Bank of France governor and the man widely tipped to succeed Mr Duisenberg at the ECB, said the bank's governing council was "unanimously behind the president". However, the reassurances yesterday did little to support the embattled euro, which was hit after the IFO index of German business sentiment dipped for the fourth consecutive month and unexpectedly strong figures from the US suggested that its trade gap was narrowing. Against sterling the euro also fell, closing down 0.14p at 58.22p, although it remains above its historic low of 57.07p. Catherine Lee, currency analyst at Royal Bank of Scotland, said: "I have followed the deutschmark and the euro for more than 10 years and in that time I have never seen anything like what has happened to this currency. It is terribly difficult to see what is going to come along to push it up, when growth in the US next year will still be higher than that in Europe. People in the City have started referring to the euro as toilet paper." Stephen Englander of Schroder Salomon Smith Barney said: "Although the euro was initially depressed by capital outflows out of Europe and into the US, that has largely dried up. What it is now suffering from is a lack of credibility." Analysts said the risk of further intervention had not completely disappeared, but said that the US economy would have to be in real danger before it occurred. Mr Englander said: "They couldn't intervene just because Duisenburg made a gaffe." Japanese firm OKI, which makes computer printers at a plant in Cumbernauld, near Glasgow, said yesterday it was shedding 340 jobs because the strength of the pound was hitting exports to Europe, which accounts for 90pc of the company's sales. � Copyright of Telegraph Group Limited 2000 <A HREF="http://www.ctrl.org/">www.ctrl.org</A> DECLARATION & DISCLAIMER ========== CTRL is a discussion & informational exchange list. Proselytizing propagandic screeds are unwelcomed. Substance�not soap-boxing�please! These are sordid matters and 'conspiracy theory'�with its many half-truths, mis- directions and outright frauds�is used politically by different groups with major and minor effects spread throughout the spectrum of time and thought. That being said, CTRLgives no endorsement to the validity of posts, and always suggests to readers; be wary of what you read. CTRL gives no credence to Holocaust denial and nazi's need not apply. Let us please be civil and as always, Caveat Lector. ======================================================================== Archives Available at: http://peach.ease.lsoft.com/archives/ctrl.html <A HREF="http://peach.ease.lsoft.com/archives/ctrl.html">Archives of [EMAIL PROTECTED]</A> http:[EMAIL PROTECTED]/ <A HREF="http:[EMAIL PROTECTED]/">ctrl</A> ======================================================================== To subscribe to Conspiracy Theory Research List[CTRL] send email: SUBSCRIBE CTRL [to:] [EMAIL PROTECTED] To UNsubscribe to Conspiracy Theory Research List[CTRL] send email: SIGNOFF CTRL [to:] [EMAIL PROTECTED] Om
