Euro Trades Near Lowest in a Week Against Dollar


The euro traded near the lowest in more than a week against the dollar after European Central Bank President Jean-Claude Trichet said it's important for the U.S. to keep repeating support for a strong currency.

The euro traded near the lowest in more than a week against the dollar after European Central Bank President Jean-Claude Trichet said it's important for the U.S. to keep repeating support for a strong currency.

The euro fell versus the South African rand and Canadian dollar after Trichet said policy makers must ``look very carefully at adverse effects of excessive fluctuations.'' South Korea's won strengthened beyond 1,000 per dollar for the first time in two months on speculation the government intervened to boost the currency and curb inflation.

The euro was little changed at $1.5677 by 10:14 a.m. in London, near the lowest since June 25, after rising to $1.5727 earlier, from $1.5670 yesterday. It was at 168.60 yen, from 168.45. It rose to as high as 168.84 yen earlier. The yen was little changed against the dollar at 107.55, from 107.50.

The dollar has fallen 11 percent against the euro since September, when the Federal Reserve made the first of seven reductions in its target rate for overnight bank loans to prevent a housing slump from plunging the U.S. economy into a recession.


TradingEconomics.com, Bloomberg
7/9/2008 6:39:25 AM