Pressure on euro
By Daniel at 8 August, 2008, 4:22 pm
The euro, already under pressure following comments made Thursday European Central Bank chief Jean-Claude Trichet, sharply extended losses, first in Asian trading and then in European dealings, to touch levels not seen against the dollar since late February.
The euro crashed through “big support levels in a short period of time,” said Kenneth Broux, an economist at Lloyds TSB. “A lot of participants were caught out and forced to liquidate” positions in which they were long the euro.
Some analysts interpreted Trichet’s remarks as signaling a new emphasis on growth worries, although he continued to emphasize upside risks to inflation and was quick to note that the central bank had previously warned that euro-zone growth was set to slow significantly in the second and third quarters.
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