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Friday 21st of November 2008
May 23, 2005

Euro retains strength despite a weakening Europe


by Brian Turner
Euro retains strength despite a weakening Europe

In Europe the euro held its own on Monday even though political turmoil was on the rise in the region. Among the factors influencing the political climate was a call for early elections in Germany.

German equities rose on the belief that the early election will send German chancellor Gerhard Schröder out of office and increase the speed of economic reforms. Another worry were polls showing that France and the Netherlands both seem likely to reject the EU constitution when they vote on the question soon.

On the negative side for Turkey, the prospect of a “no” vote from France on the EU constitution and the possibility of a resulting slowdown of Turkey’s entry into the EU sent the new Turkish lira down 0.5 percent to TL 1.7365 in relation to the euro.

For its part, the euro rose slightly in relation to the US dollar, up to $1.2568. It held steady against sterling at £0.6868, and it fell in relation to the yen, but only 0.3 percent to ¥135.36.

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