Euro down on no

| May 31, 2005 | 0 Comments
Euro down on no

The euro fell again on Tuesday on continued reverberations from France’s “no” vote on the European Union constitution, one consequence of which was the naming of Dominique de Villepin as the new prime minister of France.

Villepin is seen as opposed to economic reform, is known to be an opponent of the war in Iraq, and has a reputation for being “confrontational”.

The euro fell 1 percent compared to the US dollar to a new seven-month low of $1.2349. It was its largest fall against the dollar in two months. The euro also fell 1 percent in relation to the yen to ¥133.33, a four-month low.

It also lost 1 percent compared to sterling to sit at £0.6773 and was down 0.5 percent as opposed to the Swiss franc, to SFr1.5364. There did not seem to be as much effect, however, on central European currencies in nations that wish to join either the euro or the EU.

The Czech koruna rose 0.3 percent in relation to the euro, to Kc30.37, while the Turkish lira was up 0.8 percent in relation to the dollar, to
TL1.354.


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