werden ncht unbedingt zum Anstieg beitragen.Volumen in USA und GB niedrig erwartet wegen langem Wochenende
Kommentare von Bloomberg und CNBC zum Euro:
The European currency has extended its gains since comments last weekend from U.S. Treasury Secretary John Snow were interpreted by some investors as an end to the U.S.'s ``strong- dollar'' policy. The dollar also has dropped as the U.S. struggles to attract enough foreign capital to offset its current account deficit. The ECB's key rate is 2.5 percent, double that of the U.S. Federal Reserve, also curbing the dollar's appeal.
``There's nothing likely to come out today to stop this,'' said Matthew Tatnell, who helps oversee the equivalent of $173 billion at Morley Fund Management Ltd. ``I think a lot of people missed out,'' and so the euro should continue to rise, he said. ``We missed out'' today.
The euro broke the $1.18 mark, before settling back to $1.1790 vs. the U.S. dollar, topping the $1.1747 mark when the euro was first introduced and making it difficult for European exporters to the United States.
Traders noted that once the dollar broke $1.1750, it had little resistance on its way toward $1.18.
"We believe it's a powerful trend here, and it's a continuation of what we've seen in the past," said Michael Lewis, senior currency strategist at Deutsche Bank in London.
He noted that in prior currency misalignments, such as in 1985, the dollar has moved on average 30 percent in the first year of the turn and subsequently 12 percent in the same direction. Since February of last year, the euro has climbed 35 percent vs. the U.S. dollar.
The dollar weakness is the product of a growing current account deficit, which cannot be sustained with low interest rates and declining foreign interest in U.S. securities, Lewis added.
The euro's climb is not expected to be a focus of the G-8 meeting next month, a German official told the Financial Times Deutschland on Friday.
Volumes are expected to be lighter than normal as investors in the U.S. and in Britain leave early for a three-day weekend.
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