PRESIDENT GEORGE W. BUSH Message Board

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Politics : PRESIDENT GEORGE W. BUSH

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To: Hope Praytochange who wrote (499588)	11/28/2003 7:37:46 AM
From: Kenneth E. Phillipps	Read Replies (2) of 769667

Euro hits record high vs. dollar - Above $1.20 European currency surges past $1.978 record, climbs above $1.20 for the first time since '99 launch. November 28, 2003: 7:28 AM EST LONDON (Reuters) - The euro extended gains against the dollar Friday, hitting fresh record highs and climbing above $1.20 for the first time since it was launched in January 1999. The euro rose as far as $1.2015 according to Reuters data, up roughly 0.80 percent from the previous day's close and beating record highs of $1.1978 set in mid-November. The euro traded strongly against the dollar in recent sessions as upbeat economic data from the United States was seen as no promise of a balanced U.S. economy and failed to dispel concerns about the country's vast current account deficit. Geopolitical jitters were also weighing on the dollar. "This is a dollar story. In the past few weeks there is an increased focus on U.S. deficit problems and trade disputes. The market has priced in good news on the macro side," said Bilal Hafeez, currency strategist at Deutsche Bank in London. "In general, the ECB (European Central Bank) has more scope to lower interest rates before they get concerned about the exchange rates," Hafeez said. --------------------------------------------------------------------------------

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