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Euro hits record high against dollar


Euro hits record high against dollar


US Treasury Secretary John Snow has told the Royal Institute of International Affairs in London that cutting America’s record budget deficit will be a top priority for the Bush administration.

Snow reiterated the US’s commitment to a strong dollar, on the day that the greenback hit a record low against the euro. Meanwhile, EU monetary affairs commissioner Joaquim Almunia said he hoped the verbal interventions by EU and US officials would help stabilise the euro-dollar rate The continued rise of the euro and the slide of the dollar against other currencies such as sterling and the yen, are increasing speculation that the US is quite happy with the situation. It is making it easier for Americans to sell their products abroad, while European exporters are experiencing the opposite effect.
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