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Monday 08th of March 2010
June 16, 2005    

Euro continues to lose value on exchange markets

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by Brian Turner
Euro continues to lose value on exchange markets

The euro lost value again on Thursday as it declined 0.2 percent to $1.2094 in relation to the US dollar and hit another 10-month low against sterling at £0.6632.

The euro has fallen 6.1 percent against the Australian dollar in the past four weeks to a four-year low of A$1.5647; 0.6 percent of that decline came on Wednesday.

The Swiss franc also fell in relation to the Australian dollar on Wednesday, 0.5 percent to SFr0.9830, and has lost 6.4 percent against the Australian currency in the past month.

The weakness of the euro against Australian currency is seen as a sign that speculators are using the euro to fund carry trades rather than the dollar.

BNP Paribas recommended on Thursday that its clients use the euro and the Swiss franc as funding currencies against the New Zealand and Australian dollars as well as against the Turkish lira, the Brazilian real and the US dollar.

The US dollar, meanwhile, saw little change against the yen to sit at ¥109.07 and in relation to sterling at $1.8231. It hit one month lows against the Australian dollar, falling 0.3 percent to $0.7722, and against the New Zealand dollar at $0.7152.

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