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Euro drops further PDF Print E-mail
Saturday, 26 April 2008

AP, BERLIN -- The euro continued to slide against the dollar on Friday, dropping below $1.56 and trading more than 4 U.S. cents short of the all-time high it reached earlier this week.

The euro fell as low as $1.5584 in morning European trading, down from $1.5686 in New York late Thursday.

The 15-nation euro has slid since it reached the latest in a string of records on Tuesday, breaking through the $1.60 mark for the first time and rising as high as $1.6018.

On Thursday, it lost more than two cents after a downbeat German business confidence survey and an unexpected drop in U.S. claims for jobless benefits. UniCredit analysts said in a research note that ''the U.S. dollar recovery across the board ... looks fairly excessive at this stage.''

They noted that ''nothing has really changed on the current economic scenario.'' The dollar has been weighed down recently by a combination of gloomy U.S. economic data and high European inflation.

That has fueled expectations that the Federal Reserve will cut interest rates yet again while the European Central Bank leaves rates unchanged -- or even raises them, a possibility deflated by Thursday's German business confidence survey.

In other trading Friday, the British pound declined to $1.9711 from $1.9738. The dollar rose to 104.57 Japanese yen from 104.25 yen.

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