Euro dives as dollar bulls move in
MARKET NEWS
Encouraging US economic data saw the euro hit a four-month low last week, writes Matthew Clements, economist at Prebon Yamane in London
Broad based dollar strength meant euro/dollar fell to a four-month low last week, breaking below its 200-day moving average to touch 0.8770. Fundamental factors moved in favour of the dollar, and these were realised in a steepening of the futures strip for short-term interest rates. The 3-month eurodollar contract, expiring in December 2002, lost around 60 basis
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