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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: sciAticA errAticA who wrote (32924)	5/3/2003 12:42:17 PM
From: sciAticA errAticA	Read Replies (1) of 74559

Audi chief says euro-dollar pain limit near Reuters, 05.03.03, 9:38 AM ET FRANKFURT, May 3 (Reuters) - The head of Volkswagen AG's luxury unit Audi was quoted on Saturday as saying the company was running out of patience with the decline of the U.S. dollar against the euro. "We have almost reached the pain limit with the euro-dollar rate," Martin Winterkorn said in an interview with German newspaper Welt am Sonntag released ahead of publication. "If the euro climbs higher, it will increasingly become a problem," he said, adding that the company was making provisions accordingly. Volkswagen is expected to post a halving of first quarter pre-tax profit next week and has highlighted unfavourable exchange rates as part of the reason for the decline. The dollar has slipped more than seven percent so far this year against the euro. It ended trading on Friday at $1.1226 to the European single currency. Copyright 2003, Reuters News Service cbs.marketwatch.com;

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