Ahead of the EU Finance Ministers meeting, the euro rose a tad against the dollar to US$1.2287 in European trading. HSBC economist Gwyn Hacche estimates that a permanent 4-cent drop in the euro's value against the dollar would be the same as an interest rate cut of a quarter to a half of a percentage point. The euro zone has been hampered by weaker growth in exports - "mostly due to the stronger euro," Hacche told Dow Jones Newswires.Note EU-Digest: Reports that Venezuela could start using the EURO as their prefered currency for the sale of oil products could further boost the EURO.
6/7/05
Forbes: EU Finance Ministers Keen to Stand by Euro
EU Forbes.com EU Finance Ministers Keen to Stand by Euro
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