Rising euro puts ECB in a fix
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FRANKFURT : As the euro continued to rise against the dollar, speculation intensified over whether the European Central Bank, meeting this week to set interest rates, would feel compelled to act either by intervening directly on the forex markets or by
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LONDON : The euro hit a new record high of 1.3336 dollars in European trading following publication of disappointing US consumer confidence data.
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European stock markets moved higher ahead of today&#39;s eurozone interest decision.
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With the European economy on the upswing, companies and governments are shrugging off the dollar's renewed slide against the euro this week &#151; a phenomenon once dreaded as potential poison for the continent's many exporters.
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If the European Central Bank stopped announcing changes to interest rates there is a good chance that nobody would notice. Though the ECB raised its main refinancing rate on Thursday, by 25 basis points to 3.75 per cent, all anybody cared about was ECB president Jean-Claude Trichet's statement. Having signalled the rate rise a month ago, he hinted at another increase, probably this summer.
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Every time the European Central Bank seems poised to quash inflation and preside over a healthy economic recovery, something goes wrong.
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The eurozone interest rate is raised to 3.5% as the European Central Bank keeps a close rein on inflation.
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With growth flagging in the 12-nation eurozone, pressure is building in European financial circles for central bank intervention to curb a surge in the euro against the dollar.
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The euro hit a new all-time high against the U.S. dollar today, climbing on oil price worries and concern over the U.S. budget deficit.
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The European Central Bank (ECB) keeps eurozone interest rates on hold at 4% following its latest meeting.
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The euro surged to a new high against the US dollar for the fourth straight day Friday, although the greenback rose off its low point.
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The European Union's common currency, the euro has climbed to a new record high against the US dollar, reaching $1.4130 in trading in Frankfurt. Analysts say they expect the value of the euro to remain high for the foreseeable future. The euro was boosted last week when the US central bank cut its key interest rate by half a percentage point to 4.75 percent.
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On the eve of an interest rate meeting, the European Central Bank said Wednesday that volatility in the euro money markets has increased and it is prepared to "act accordingly."
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The European Central Bank raised its key interest rate a quarter of a percentage point to 3.5 percent on Thursday, but a strong euro suggests the bank could pause its string of rate hikes next year.
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The European Central Bank keeps interest rates in the eurozone at their current level of 4%.
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The European Central Bank on Thursday raised its economic growth forecast for the 12 nations using the euro and kept its key interest rate steady at record lows as it waits for the recovery to firm up.
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The pound crept up against the dollar and euro on Monday after a slight rise in producer prices was interpreted by investors as a sign that the Bank of England (BoE) will be forced to raise interest rates.