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Gold/Mining/Energy : Euro Impact on Gold, USD ...
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To: banco$ who wrote (283)4/27/1999 9:25:00 PM
From: banco$  Read Replies (1) of 289
 
New York--Apr 27--Euro/dollar rose as European Central Bank President Wim Duisenberg suggested that a further fall in the euro would be a cause of concern.

Euro/dollar ended firmer, reaching a session high of $1.0671 after ECB
President Duisenberg said that any further decline in the euro would make him "frown." (Story .23141) "Duisenberg has changed his tone dramatically after last week," said Tomas Jelf. "Last week he did not care where the euro was trading, today he said if its goes lower it would cause some frowns." Only last week, on Apr 19, Duisenberg had repeatedly insisted that there was "no public euro rate, no secret rate and no rate in the back of my mind" that would trigger alarm bells at the ECB.

Speaking in Washington at the G7 conference, the ECB president was fairly upbeat, saying that more factors pointed to a recovery in the euro's exchange rate than to further depreciation. The current euro exchange rate simply marked a return to the synthetic level of the euro in mid-September of last year before "euro-phoria" set in.
EU finance commissioner Yves Thibult de Silguy, Bundesbank President Hans Tietmeyer and French Finance Minister Dominique Strauss-Kahn also expressed encouragement for the euro today. "The vast majority of the officials have showed some concern for the euro," said Jelf.

(By Vanessa Valkin, Bridge News)
crbindex.com
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