Jul 20, 2008
The euro remained blocked Monday by 1.59 dollar at midday
The euro remained blocked Monday by 1.59 dollar at midday, after the announcement of a historic drop in industrial production in Europe, face a green ticket by requinqué U.S. Treasury proposals to support the refinancing giants Fannie Mae (NYSE: FNM - news) and Freddie Mac (NYSE: FRE - News).
Around 13H00 GMT (15H00 GMT), one euro was worth 1.5873 dollars, against 1.5932 dollars Friday to 21H00 GMT.
The European currency was virtually stable against the Japanese currency at 169.14 yen against 169.29 yen Friday evening.
The greenback rose to face the Japanese currency at 106.62 yen to the dollar, against 106.25 yen Friday evening.
Industrial production declined in May in the euro zone of 1.9% compared with the previous month, recording its highest monthly decline for 16 years.
Although these figures are ultimately better than forecast - economists were expecting the worst - "they reflect the ongoing deterioration: the soaring prices of raw materials, tightening credit terms, the slowdown in demand and the strengthening of the euro hit the industrial sector across the euro area, "said Lavinia Santovetti economist of the bank Lehman Brothers
by erectusplus at 7:16 AM |
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